Bitkub coin (KUB), the main currency of Thailand’s leading cryptocurrency exchange platform, fell to a five-month low on Friday after Thai regulators announced to impose a fine of 15 million baht for breaking listing rules.
KUB plummeted to 141 baht as of 11 am, the lowest point not seen since late November last year. The price has dropped more than 70 per cent year-to-date.
On Thursday, Thailand’s Securities and Exchange Commission (SEC) stated that Bitkub Online Co., Ltd. and five members of its digital assets selection committee are non-compliant with the listing rules while listing KUB on the exchange.
The SEC ruled that the listing of KUB was “non-compliance with the Listing Rule approved by the SEC and disregard for the conflict of interest prevention measure.”
As a result, Bitkub online, as well as the five members of its digital assets selection committee are subject to a fine of 2.53 million baht each, 15 million baht in total, for violating the Emergency Decree on Digital Asset Businesses.
According to the SEC, an additional fine will be charged on a daily basis until “the company properly complies with laws and regulations within the period set forth by the Settlement Committee.”
Previously, Bitkub Online had been fined by the SEC for 4.16 million in December 2021 due to another violation of the digital asset business decree.
Bitkub Online recorded revenue of 5.5 billion baht in 2021, with a net profit of 2.7 billion baht. Both revenue and profit have risen exponentially from a year earlier on the back of the growth of digital assets.