manager, failed to comply with the rules, conditions, and procedures stipulated in the relevant notification. In this regard, Merkle failed to provide appropriate internal systems and processes for

procedures as specified in the notification. In this regard, Bitazza failed to provide appropriate internal systems and processes for preparing, approving, and supervising advertisements. In particular

procedures as specified in the notification. In this regard, Bitazza's compliance system for monitoring the operations of the digital asset business operator was deficient. In particular, Bitazza failed

and January 20, 2025, Merkle failed to comply with the rules, conditions, and procedures stipulated in the relevant notification. In this regard, Merkle failed to provide appropriate internal systems

– September 3, 2025 Bitazza failed to comply with the rules, conditions and procedures as specified in the notification. In this regard, Bitazza failed to provide appropriate internal systems and processes for

, 2025 – September 18, 2025, Bitazza, a digital asset broker, failed to comply with the rules, conditions and procedures as specified in the notification. In this regard, Bitazza's compliance system

, failed to comply with the rules, conditions and procedures as specified in the notification by failing to put in place an effective debenture underwriting system to categorize High Net Worth investors

, conditions and procedures as specified in the notification by failing to put in place an effective debenture underwriting system to categorize High Net Worth investors. SEC Act S.116 Settlement Committee

Coins TH Company Limited On September 7, 2024, Coins TH Company Limited ("Coins TH") as a cryptocurrency broker and dealer, failed to comply with the rules, conditions and procedures as

, conditions and procedures as specified in the notification by failing to put in place a sufficient and effective system for analyzing, reviewing and monitoring the quality of securities. SEC Act S.117