SEC Thailand filed a lawsuit against OKX for unlicensed trade

Thailand securities and exchanges (SECs) filed a criminal complaint against Aux Cayes Fintech Co. Ltd., OKX cryptocurrency exchange operator, as well as 9 individuals. They are accused of conducting activities without a proper license, which violates the decree on digital assets adopted in 2018.

The complaint was sent to the Thailand economic crime unit. SEC claims that from October 15, 2021, OKX offered the services of trading digital assets through the site, the commission charged by 0.1%. At the same time, the company actively promoted the platform on social networks, including Telegram, X (formerly Twitter) and Line Openchat.

According to the regulator, 9 people appearing in the complaint contributed to the activities of OKX, distributing advertising materials and attracting users. Among them: Sarun Bunmesrisanga, Nat Jungwing, Cretensan Critesananwat, Smith Caroenmin, Kittitat Benchakarenpat, Sauravit Sanguanphokai, Akarivat Rudzhiruyriangchay, Rachat Chuesaybua and Vanitchasol Vanitchasol. Their efforts helped the growth of the user base of the platform and increase its share in the market.

The SEC stated that these actions violate the legislation and fall under the sanctions provided for in Article 66 of the Decree on digital assets and Article 86 of the Criminal Code of Thailand. The regulator emphasized that he continues to cooperate with law enforcement agencies to ensure compliance with digital assets.

In addition, the SEC warned investors about risks associated with the use of unlicensed platforms. The department recalled that the lack of regulation can lead to fraud and financial losses, since customers of such sites are not protected by law. Investors are recommended to check the status of cryptocurrency services licenses through the official SEC website or the regulator mobile application.

Author

Peter Ivanov