Thai authorities, to enhance law enforcement efficiency and fight cybercrime, have decided to block unauthorized crypto platforms. In congruence with its previous actions of limiting access to exchanges such as Binance and Bybit, this step requires users to withdraw their funds from these platforms.
The Securities and Exchange Commission (SEC) of Thailand is working with the Ministry of Digital Economy and Society (DE) as well as other relevant agencies to restrict unauthorized entry into digital asset service providers’ platforms, according to an official statement.
This action aims at improving the effectiveness of crimes and forestalling criminals who exploit them for money laundering activities through these platforms that contribute towards online crimes.
The Secretary-General of the SEC, Mrs. Pornanong Busaratrakul, said:
The Technology Crime Prevention and Suppression Committee At the meeting on April 19, 2024, it was resolved to order the SEC to submit information on unauthorized digital asset service providers. to the Ministry of Digital Economy and Society Proceed to block access to the platform of the said service provider.
Comparative Crypto Measures
Regarding the next steps, the SEC will forward the matter to the Ministry of Digital Economy and Society to initiate the relevant processes and file a petition 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. The blocking of unauthorized platforms is a practice similar to measures taken by countries like India and the Philippines.
In the past, the SEC has taken legal action against digital asset business operators without permission and those soliciting the use of services in Thailand. This action has been facilitated by the Economic Crime Suppression Division (OCEC) within its role. Foreign platform providers, such as the cases of Binance and Bybit Fintech Limited (Bybit), have also been subject to legal proceedings.
SEC, therefore, asks users of these platforms to remove their assets immediately. At the same time, the SEC requests the public and investment community to be careful when using unauthorized crypto asset business operators’ services since they will not receive any protection offered by law or become victims of fraud or money laundering.
Related Reading | Altcoin Season Beckons: A Guide To Capitalizing On The Next Crypto Boom
