Thailand Blocks Unauthorized Crypto Platforms To Combat Cybercrime

Thai authorities have decided to block unauthorized crypto platforms to improve law enforcement efficiency and combat cybercrime. Consistent with previous measures restricting access to exchanges such as Binance and Bybit, this measure will require users to withdraw funds from these platforms.

The Securities and Exchange Commission of Thailand (SEC) is working with the Department of Digital Economy and Society (DE) and other relevant agencies to limit unauthorized intrusions on the platforms of digital asset service providers, the report said. . Official statement.

This measure aims to improve the effectiveness of crimes and forestall criminals who exploit them for money laundering activities through these platforms that contribute to online crimes.

SEC Secretary General Polnanon Busaratrakul said:

Technology Crime Prevention and Suppression Committee April 19, 2024 meeting resolved to order the SEC to submit information regarding unauthorized digital asset service providers. We will proceed with the procedure to block the service provider’s access to the platform with the Ministry of Digital Economy and Society.

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As for the next steps, the SEC plans to forward the matter to the Ministry of Digital Economy and Society to initiate the relevant process and file a complaint with the court. In doing so, the SEC will consider the impact on individuals using these platform services and provide service users with sufficient time to manage their accounts before access is restricted. Blocking unauthorized platforms is a practice similar to measures taken by countries such as India and the Philippines.

In the past, the SEC has taken legal action against businesses that solicit the use of digital asset businesses and services without permission in Thailand. This action is being driven within the role of the Office for Economic Crime Control (OCEC). Foreign platform providers have also been subject to legal proceedings, such as the cases involving Binance and Bybit Fintech Limited (Bybit).

Therefore, the SEC requires users of these platforms to immediately delete their assets. At the same time, the SEC reminds the public and the investment community to be careful when using the services of unapproved crypto asset operators, as they do not have any protection under the law and do not become victims of fraud or money laundering. I am requesting it.

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