Thailand’s Securities and Trade Fee (SEC) has filed a felony grievance towards Aux Cayes Fintech Co. Ltd., the operator of the OKX digital asset trade platform in Thailand, and 9 people for allegedly operating a digital asset trade with out the required license.
The grievance, filed with the Financial Crime Suppression Division (ECD), follows a referral and additional investigation by the SEC.
The regulator discovered that on 15 October 2021, OKX provided digital asset buying and selling companies by its Thai web site, charging a transaction charge of 0.1% and selling its companies throughout varied social media platforms, together with Telegram, X (previously Twitter), and Line OpenChat.
The SEC said that these actions fall beneath the definition of a digital asset trade enterprise beneath Part 3 of the Emergency Decree on Digital Asset Companies B.E. 2561 (2018).
OKX allegedly operated with no license, violating Part 26 of the Decree and going through penalties beneath Part 66.
The 9 people named within the grievance are accused of supporting and selling OKX’s companies by on-line channels resembling Fb, YouTube, Discord, Telegram, and Line OpenChat.
In keeping with the SEC, their involvement helped improve the platform’s attain and person base, amounting to help in unlicensed operations, which can also be an offense beneath the Emergency Decree and the Legal Code.
The grievance marks the start of a proper authorized course of involving investigation, prosecution, and potential courtroom proceedings.
The SEC mentioned it can cooperate with related authorities to assist enforcement efforts.
The regulator additionally warned the general public to be cautious when coping with unlicensed digital asset operators, noting that such platforms aren’t lined by investor safety legal guidelines and should pose dangers together with fraud and misuse of funds.
Traders are inspired to confirm licensed platforms on the SEC’s web site or its cellular utility.
Featured picture credit score: Edited from Freepik
