The Securities and Exchange Commission (SEC) has taken legal action against Aux Cayes FinTech Co. Ltd., the provider of the digital asset exchange platform www.okx.com/th (OKX), along with nine supporters. The SEC filed a criminal complaint with the Economic Crime Suppression Division (ECD) for allegedly operating a digital asset exchange business without a license, violating the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).
The SEC’s investigation revealed that on October 15, 2021, OKX was providing services for trading and exchanging digital assets, charging a fee of 0.1% of the trading value. OKX promoted its services through its website and social media channels such as Telegram, Twitter (now X), and Line OpenChat.
The activities conducted by OKX are considered an operation of a digital asset exchange business under Section 3 of the Emergency Decree, for which they have not obtained a license, violating Section 26 and subject to penalties under Section 66.
Nine individuals supported OKX in promoting its services: Mr. Sarun Boonmesrisanga, Mr. Nut Joongwong, Mr. Kritsana Kritsananuwat, Mr. Smithi Charoenmin, Mr. Kittithat Benchacharoenpat, Mr. Saurawit Sanguanphokai, Mr. Akarawath Rujiruangchai, Mr. Rachata Chuesaibua, and Mr. Varut Vanichayakosol.
Their actions increased OKX’s visibility and attracted more users to its services. This conduct constitutes assisting or facilitating OKX in operating without a license in violation of Section 26 of the Emergency Decree and is subject to penalties under Section 66 of the Emergency Decree alongside Section 86 of the Criminal Code.
Following this complaint by the SEC, legal proceedings will include an investigation by inquiry officials, prosecution by public prosecutors, and adjudication by the court of justice. The SEC will monitor these proceedings closely and cooperate with relevant agencies to enforce legal measures under the Emergency Decree.
The SEC advises caution when using unlicensed digital asset businesses due to potential risks such as frauds or scams and misuse of funds for money laundering. Investors can verify licensed businesses on the SEC’s website or through their application “SEC Check First.” A list of non-regulated entities is available at https://market.sec.or.th/public/idisc/th/InvestorAlert.
Suspicious activities can be reported to the SEC Complaint Center via Hotline 1207 or through their official Facebook page or live chat on their website.
Information from this article can be found here.
