The Securities and Exchange Commission (SEC) has joined hands with the Ministry of Digital Economy and Society (DE) and various other relevant agencies to limit access to unauthorized digital asset service platforms. This collaborative effort is aimed at improving the effectiveness of law enforcement and preventing scammers from exploiting these platforms for money laundering, in turn addressing issues related to cybercrime.
Secretary-General of the SEC, Pornanong Budsaratragoon, disclosed that on April 19, 2024, the Technological Crime Prevention and Suppression Committee endorsed a resolution allowing the SEC to share information about unlicensed digital asset service providers with the DE. The objective is to impede access to these platforms, reinforce law enforcement measures, and discourage scammers from misusing them for laundering illegally acquired assets. This step is part of a broader initiative to combat cybercrime effectively.
Previously, the SEC had taken legal action against unauthorized digital asset service providers operating in Thailand. In fulfilling its duties, the SEC lodged criminal complaints with the Economic Crime Suppression Division of the Royal Thai Police against offenders, including foreign platforms like Binance and Bybit Fintech Limited (Bybit). Furthermore, the SEC advised investors to withdraw their assets from such unlicensed platforms. It strongly cautioned the public and investors to exercise caution while engaging with unlicensed digital asset businesses, highlighting the lack of legal protection and the risks of falling victim to scams or getting involved in money laundering activities. For a list of licensed operators, individuals can refer to www.sec.or.th or utilize the SEC Check First application. For information regarding individuals not regulated by the SEC, they can access the Investor Alert page at https://market.sec.or.th/public/idisc/th/InvestorAlert.
