Sign In
SEC News

SEC Board passes a resolution requiring Bitkub Online Co., Ltd. to rectify work systems to protect investors

Monday 18 January 2021 | No. 12 / 2021

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.


Related News

SEC public hearing on proposed amendments to the regulations on establishing or relocating office branches of business operators to reduce their burdens and enhance efficiency of investor protection
SEC public hearing on a draft regulation regarding prohibition of digital asset business operators’ provision of or involvement with crypto deposit taking and lending services
SEC amends rules on quota allocation for foreign exchange transactions of digital asset fund managers
SEC issues rules on management of digital wallets for custody of digital assets and keys
SEC launches “SEC Crypto Academy” to offer free e-learning courses on digital assets