Satang Announcement

📣 Clarification on the case of SEC penalty on Satang Corporation Company Limited relating to the event in February 2019.

Refer to The Securities and Exchange Commission (SEC) Thailand has penalized Satang Corporation Co., Ltd. in the matter of creating artificial volumes in the trading of digital assets on Satang Pro digital asset exchange in 2019, which resulted in misleading the public about the volumes of digital asset trading.

Satang sincerely apologizes for this event which may result in creating an inconvenience as well as discomfort for our clients. However, we wish to clarify that the purpose of having a Market Maker was to only maintain liquidity on our exchange to have trading prices that reflect the world's market prices in order to maximize the benefit of our investors in the trading of digital assets.

Unfortunately, the ill intentions of the market maker was unrealized and Satang did not have, at that time, the appropriate systems in place to detect such practices.

Subsequently, after receiving information from the SEC regarding the above actions, Satang conducted an investigation and to comply with the regulations of the SEC, terminated the execution of trading orders of the Market Maker along with termination of the services of the Market Maker itself. This includes developing a system to prevent manual matching of orders sent from the same account to prevent this similar situation from happening again in the future.

Since then, we have created solutions to prevent such incidents as follows:

1. Developing a system to prevent mutual matching of orders sent from the same account has been completed.

2. Arrange for a trading supervisory department (“Market Surveillance”) to investigate inappropriate behavior, such as sending matching orders from multiple accounts of fraudsters, to achieve transparent and fair trading in accordance with the fair and orderly market mechanism within Satang Pro.

As a result of such incidents, the company would like to reiterate that we had no intention to commit any illegal acts of any sort and had not received any benefit from the Market Makers' actions. Satang had submitted information to the SEC relating to the market maker for consideration.

Satang is the first digital asset trading center to be certified by the SEC and thus we ensure ongoing efforts that our company is willing to cooperate with all government agencies in its practice and provide accurate information, including working with the SEC in implementing terms and policies to develop and upgrade digital asset market standards.

Finally, we would like to kindly ask all customers, investors and related parties to continue to support us in our efforts to build a world-class Digital Asset Exchange with best practices, along with preventive measures and in-depth investigations whilst exercising extreme caution in our business operations to prevent such incidents from happening again.