In a bid to prevent the illicit use of cryptocurrency for money laundering, Thailand’s Securities and Exchange Commission (SEC) announced plans to block local access to unauthorized crypto platforms. Investors are urged to withdraw funds from such platforms as authorities move to restrict their operations.
Following a meeting with a government committee on technology-related crimes, the SEC was tasked with identifying and submitting information on unauthorized digital asset service providers to the Ministry of Digital Economy and Society. Once approved by the courts, access to these platforms will be prohibited.
While specific criteria for disqualifying platforms were not disclosed, the SEC provided a verification website to help investors assess legitimacy. Blocking access aligns with efforts to combat criminal activity, drawing parallels with similar actions taken in India and the Philippines.
Previously, the SEC initiated legal proceedings against unauthorized exchanges of Binance and Bybit. The agency emphasizes the risks associated with unregulated operators, highlighting the lack of legal protection and the potential for fraud.
This crackdown follows recent crypto-friendly measures by Thai authorities, including the extension of VAT exemption on crypto trading gains and permission for local institutions to invest in U.S. spot bitcoin exchange-traded funds.
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Source: https://cryptocurrencynews.com/thailand-to-block-unauthorized-crypto-platforms-for-local-users/
