back

Thailand Cracks Down on Unlicensed Crypto Exchanges to Curb Online Crimes

Apr. 22, 2024. 2 min. read. 6 Interactions

Thai authorities plan to block unlicensed crypto exchanges to combat money laundering and related crimes, as announced by SEC's Pornanong Budsaratragoon.

Source: Sneha via DALL.E

Thai authorities have announced plans to block unlicensed crypto exchanges operating within the country. The decision aims to prevent money laundering and other online crimes associated with unregulated digital asset platforms. This initiative was made public by Pornanong Budsaratragoon, secretary-general of Thailand’s Securities and Exchange Commission (SEC), following a meeting of the Technology Crime Prevention and Suppression Committee on April 19.

The Thai SEC will compile and submit a list of these unlicensed entities to the Ministry of Digital Economy and Society as part of the enforcement process. This action is inspired by similar measures in India and the Philippines, where authorities recently prohibited offshore exchanges that failed to comply with local regulations.

To protect investors and minimize disruption, the Thai SEC has issued a warning urging the public to withdraw their funds from any unregistered platforms before the ban is enforced. The SEC emphasized the risks involved with unlicensed exchanges, stating, “The SEC would like to warn the public and investors to be careful of using services with unlicensed digital asset business operators because they will not be protected by law. There is also the risk of being deceived (scam) and being (associated with) money laundering.”

Investors are encouraged to verify the registration status of crypto platforms using the ‘SEC Check First’ application. Notable exchanges like Binance have yet to register and will be required to cease operations in Thailand once the ban becomes effective. Other popular platforms such as Coinbase, KuCoin, Kraken, and OKX are also listed as operating illegally in the country, according to government records.

The regulatory landscape for digital assets continues to evolve globally. In Europe, discussions under the Markets in Crypto-Assets (MiCA) framework indicate potential upcoming regulations that could impact decentralized finance (DeFi) protocols. MakerDAO co-founder Rune Christensen has expressed concerns about the stringent rules that might necessitate licensing for DeFi interfaces, potentially altering how decentralized exchanges operate on the internet.

SOURCE: Thailand will block unlicensed crypto exchanges ‘to solve online crimes

About the Writer

Sneha Ghodvaidya

10.18627 MPXR

Sneha Ghodvaidya is a creative whirlwind with a knack for turning daydreams into stunning self-portraits and illustrations. An INFJ soul, she's a bit of an introvert until you get her talking about her passions—then, good luck getting her to stop!

Comment on this article

2 Comments

2 thoughts on “Thailand Cracks Down on Unlicensed Crypto Exchanges to Curb Online Crimes

  1. That's an interesting news.Crackdowns on unlicensed crypto exchanges are one way to curb online crimes and protect investors.That's a great initiative i guess.

    5 Likes
    Dislike
    Share
    Reply
    1. you are right broo💯

      1 Like
      Dislike
      Share
      Reply

Related Articles

3

Like

Dislike

Share

1

Comments
Reactions
💯 💘 😍 🎉 👏
🟨 😴 😡 🤮 💩

Here is where you pick your favorite article of the month. An article that collected the highest number of picks is dubbed "People's Choice". Our editors have their pick, and so do you. Read some of our other articles before you decide and click this button; you can only select one article every month.

People's Choice
Bookmarks