Finance min tells SEC to monitor crypto firms for stock manipulation

Arkhom spoke after the Economic Crime Suppression Division launched an investigation into suspected stock manipulation by 10 cryptocurrency firms listed on the Stock Exchange of Thailand (SET). The investigation comes amid a crypto selloff that has left investors with large losses and sent many firms crashing.

Arkhom said he had not received a report from the SEC about the 10 crypto mining firms.

“Police can seek cooperation from the SEC on this and I believe it will not cause a wider impact because the SEC has been strictly enforcing its policy to supervise listed firms,” Arkhom said.

On Sunday, Economic Crime Suppression Division Pol Maj Gen Puttidej Boonkraprue said his division was investigating at least 10 listed crypto mining firms for alleged share manipulation.

Puttidej said his division sought help from the SEC after it noticed that the 10 listed firms were disseminating information with intention of pumping up their share prices.

The 10 firms have yet to put their crypto mining plans into action, he said.

He added that about 25 SET-listed firms had announced crypto investment plans and most of them planned to mine cryptocurrency.

Announcements by some firms that they were buying crypto mining equipment had sent their share prices soaring but none of the firms had actually invested in digital assets so far, Puttidej said.