According
to the findings from the SEC’s investigation, BiTherb failed to maintain the qualifications
regarding financial position, management structure, and work systems throughout
the approval period. This constituted non-compliance with the SEC regulations.
Additionally, BiTherb failed to rectify all deficiencies in order to resume its
ICO portal services in an appropriate manner. These incidents showed that BiTherb
had been unable to maintain the qualifications and comply with the regulations,
as specified under Clause 6(3)(5)(6)(7)(a)-(g) and (j), Clause 12, Clause 16/1,
Clause 20, Clause 22(2), Clause 23(2), Clause 25, Clause 26, and Clause 29(2)
of the Notification of the Securities and Exchange Commission No. Kor Jor.
16/2561 Re: Rules, Conditions and Procedures for Granting an Approval to
Digital Token Portal Service Provider, dated 3 July 2018. (“Notification No.
Kor Jor. 16/2561”), as well as Attachment 4 under Clause 1 of the Notification of
the Office of the Securities and Exchange Commission No. Sor Thor. 38/2565 Re: Detailed
Rules related to the Establishment of Information Technology Systems, dated 28 September
2022.
Therefore, the SEC
Board, by virtue of Clause 37(3) of the Notification No. Kor Jor.16/2561, has passed
a resolution revoking the approval as an ICO portal of BiTherb, effective on 21
October 2025.
In any case, The
SEC is responsible for overseeing that ICO portals comply with relevant
regulations and maintain the qualifications specified by the SEC at all times while
conducting its business. Additionally, ICO portals must be ready to support business
operations mainly for the interest of investors. Currently, BiTherb has no
clients or outstanding transactions.
Remarks:
Relevant law and regulations are as follows:
- Paragraph 3 of Section 19 of
the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) prescribes that
the granting of approval of digital token portal service providers shall be in accordance
with the rules, conditions and procedures as specified in the notification of
the SEC: https://www.sec.or.th/EN/Documents/ActandRoyalEnactment/RoyalEnactment/enactment-digitalasset2018.pdf
- Notification of the Securities and
Exchange Commission No. Kor Jor. 16/2561 Re: Rules, Conditions and Procedures
for Granting an Approval to Digital Token Portal Service Provider, dated 3 July
2018: https://publish.sec.or.th/nrs/8182s.pdf
- Notification of the Office of
the Securities and Exchange Commission No. Sor Thor. 38/2565 Re: Detailed Rules
related to the Establishment of Information Technology Systems, dated 28
September 2022: https://publish.sec.or.th/nrs/10494p_r.pdf