Thai SEC Issues Penalties Against 1000X.Live for Unauthorized Digital Asset Trading

On Friday, March 31, 2023, the Thai Securities and Exchange Commission (SEC) announced that penalties have been issued against two individuals related to the website 1000x.live, which was found to be operating as an unauthorized digital asset dealer.

Thai SEC found that 1000X Limited and Mr. Worawat Naknaewdee violated Section 26 and are therefore liable to penalties under Section 66 of the Digital Asset Business Act B.E. 2561 (B.E. digital assets) in conjunction with Section 83 of the Criminal Code.

The SEC investigation into the website operator, https://www.1000x.live, began on January 12, 2022, after receiving a tip-off. The website offered digital asset exchanges outside of authorized exchanges and used persuasion and public relations through the Facebook page 1000X Thailand.

Additionally, Mr. Worawat, the owner and administrator of the operation of ACTPAY, served as a notification system when deposit and withdrawal transactions occurred with 5,000 wallet addresses on the 1000x.live website, making the website a complete system for conducting business.

The SEC found that the actions of 1000X and Mr. Worawat constituted jointly operating a digital asset trading business without permission, which is a violation of Section 26 and punishable under Section 66 of the Digital Asset Decree in conjunction with Section 83 of the Criminal Code. The SEC has filed a complaint against 1000X and Mr. Worawat to the ECD Office for further legal action.

It is important to note that the SEC’s accusation is just the beginning of the criminal law enforcement process, and the determination of whether a person is an offender is a step within the investigation power of the investigating officer, prosecutor’s prosecution order, as well as the discretion of the Court of Justice, respectively.

Traders are advised to check the list of licensed digital asset business operators at www.sec.or.th and the SEC Check First application. If there are any questions or clues about suspicious operations, traders are encouraged to notify the SEC Public Service Center at Tel. 1207, the Facebook page “Office SEC,” or SEC Live Chat at the SEC website for further in-depth investigation.

In conclusion, the SEC’s penalties against 1000X Limited and Mr. Worawat Naknaewdee for operating an unauthorized digital asset dealer serve as a reminder to traders to exercise caution and ensure that they are engaging with authorized operators to avoid potential legal ramifications.

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