Bangkok, 18 January 2021 – The Securities and Exchange Commission (SEC) has called attention to the recent case regarding the problems in the work systems of Bitkub Online Co., Ltd. (Bitkub), which involve failure to provide services to clients as usual, and interruption to the core work system, i.e., the trading system, on 2, 3 and 16 January 2021. In addition, SEC has received a lot of complaints related to such problems.
In this regard, by virtue of Paragraph 1
of Section 35of the Emergency Decree on Digital Asset Businesses
B.E. 2561 (2018), the SEC Board, at the Meeting No. 2/2564 dated 18 January
2021, has passed a resolution requiring Bitkub to submit a rectification plan
to the SEC and complete the rectification of the relevant problematic work
systems within five days in the following areas:
1)
Rectifying the operation under work
systems, i.e., the trading system, the deposit and withdrawal system for money
and digital assets, the client assets information system, the client contact
and communication system, the system for client registration, confirmation and
Know-Your-Client (KYC) identification and account opening, the complaint
handling system, and the human resources management appropriately and
sufficiently in line with the number of clients and the transaction volume;
2)
Rectifying the client acceptance
policy to be consistent with the work systems capable of providing services
according to the Service Level Agreement;
3)
Rectifying the work system for supporting
the Business Continuity Plan to cover the case of trading interruption in
consistent with the current business model, the number of clients and the transaction
volume;
4)
Rectifying the operation under the
work system which promotes and maintains orderly market surveillance on the
trading system.
__________________________________