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