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SEC Fines SIX Coin Manipulators Total 6.58 Million Baht
RegulationDigital Finance
The Securities and Exchange Commission (SEC) has revealed civil penalties against four wrongdoers for creating trading volume in SIX Network coins, ordering them to pay a total of 6,579,595.40 baht, along with bans on digital asset trading and serving as directors or executives for specified periods. The offenders include SIX Network (Thailand) Company Limited, or SIX, under the direction of Mr. Watchara Aemwat, together with Mr. Worapot Lan and Mr. Phasawin Kaewlampun, who were employees of SIX. They jointly placed buy and sell orders for SIX coins between 2019 and 2021 on the Bitkub exchange, knowing that they or their accomplices had placed orders for the same digital assets at similar quantities, prices, and times. This conduct violated Section 46(1) in conjunction with Section 48(2) and (3) of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). The Civil Sanctions Committee resolved that SIX pay 1,644,898.85 baht and be banned from trading digital assets for six months, while Mr. Watchara, Mr. Worapot, and Mr. Phasawin must each pay 1,644,898.85 baht, be banned from trading digital assets for six months, and be prohibited from serving as directors or executives for 12 months. Mr. Watchara is also jointly liable with SIX as a co-debtor. If the offenders do not consent, the SEC will file a lawsuit with the Civil Court to impose maximum penalties.