Published
1 week ago on
April 23, 2024
Thailand is ramping up its oversight of the cryptocurrency sector, targeting unauthorized platforms in line with global regulatory shifts. The country’s Securities and Exchange Commission (SEC) is cracking down on unregistered digital asset providers.
Collaborating with the Ministry of Digital Economy and Society, they plan to block access to these platforms to combat online financial crime.
Popular offshore exchanges like Binance, Coinbase, KuCoin, Kraken and OKX currently operate without legal approval in Thailand and face closure under the new regulations.
To help investors, the Thai SEC advises withdrawing funds from these platforms before the ban takes effect, emphasizing the risks of dealing with unlicensed operators. Investors can use the SEC Check First app to verify platform registrations.
The SEC warning cautions, “Using services from unlicensed digital asset operators carries risks, including scams and money laundering, with no legal protections.”
Thailand’s move follows similar actions by India and the Philippines against offshore exchanges. India’s FIU-IND has penalized several crypto exchanges for illegal activities and non-compliance, affecting platforms like Binance, OKX, Kraken, and Bitfinex. In the Philippines, the SEC restricted local access to Binance due to licensing issues.
The regulatory spotlight also extends to trading platforms like eToro in the Philippines, flagged for operating without proper licenses. Thailand aims to balance crypto innovation with investor protection through these measures.
This crackdown reflects a global trend of tightening crypto regulations to protect investors and prevent illicit activities. While regulators aim to foster crypto growth and allow broader investment options, they also stress the need for custodians to have risk mitigation plans in place.
Image Credit: Shutterstock
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Thailand Targets ‘Unlicensed’ Crypto Exchanges
was first posted on April 23, 2024 at 1:58 pm.
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