Level 1:

Notification letter, to inform our clients that their behaviors which lead to market abuse and request them to cease such behaviors

Level 2:

Warning Letter, to warn our clients about their behavior which could result in market manipulation

Level 3:

Warning Letter and Trading suspension for 1 day

Level 4:

Warning Letter and Trading suspension for 7 days

Objective

To mislead other investors regarding the price or trading volume in that digital asset.

Behavior

A trader executes both buying and selling orders for an asset at the same time, giving the illusion of active trading while maintaining the same ownership position. This tactic can artificially boost trading volume and draw the attention of other investors.

Step 1:

The errant client places a passive sell order at 36.50 THB

Step 2:

The errant client continually places more passive sell orders with a price range 35.50 to 36.00 THB

Step 3:

Suddenly, the errant client enters an aggressive buy order which will be matched with orders on the opposite side of the order book within the range of 35.50 to 36.00 THB

Step 4:

Then, other market participants follow by submitting an aggressive buy order, resulting in a match with the errant client’s sell order at the target price (36.50 THB).

Objective

To create a false impression among other investors that there has been a substantial alteration in the price of digital assets during a particular time.

Behavior

Placing aggressive buy (sell) orders or continually being matched with the total best offer (bid) volume in either order book, resulting in substantial price fluctuations from the last trade price i.e., approximately around a +/- 10 spread/10%.

Step 1:

The errant client places a passive sell order at 38.00 THB

Step 2:

The errant client suddenly enters an aggressive buy order which will be matched with orders on the opposite side of order book within the range of 34.50 to 36.00 THB

Step 3:

Subsequently, other market participants place multiple layers of buy orders.

Step 4:

The errant client initiates an aggressive buy order and continually matches with the several layers of the orderbook.

Step 5:

After that, other market participants follow by placing several buy orders, resulting in a match with errant client’s sell order at the specified price (38.00 THB).

Objective

To deceive other investors into believing that there is a significant level of bid (offer) volume at a specific moment and to manipulate other participants into trading the target digital asset.

Behavior

Enters a non-bonafide order to create an impression of an intention to trade but subsequently cancels these spoof orders and trades a bonafide order on the other side at a more advantageous price.

Step 1:

The errant client places a passive sell order at 36.50 THB

Step 2:

The errant client enters a significantly volume of fictitious buy order to induce other market participants into reacting to false buy volume information

Step 3:

The other market participant places an aggressive buy order, resulting in a match with the errant client’s sell order.

Step 4:

After that, the errant client quickly cancels the fictitious buy order.

Objective

To deceive other investors into believing that there is a significant level of bid (offer) volume at a specific moment and to manipulate other participants into trading the target digital asset.

Behavior

Enters non-bonafide orders at multiple price levels in order to increase the perception of liquidity on one side, resulting in a price move.

Step 1:

The errant client places a passive sell order at 36.50 THB

Step 2:

The errant client then enters massive fictitious buy orders to induce other market participants into reacting to false buy volume information

Step 3:

Subsequently, the other market participant enters an aggressive buy order, resulting in a match with the errant client’s sell order.

Step 4:

After that, the errant client quickly cancels the fictitious buy orders.

Objective

To control the price of digital assets

Behavior

Splitting order with the intention to control the price of the digital asset i.e aggressive buy with a small order once the last executed price is reduced.