Thai SEC to Ban Unauthorized Crypto Platforms, Citing Philippine Precedent | BitPinas

Thai SEC to Ban Unauthorized Crypto Platforms, Citing Philippine Precedent | BitPinas

Thai SEC to Ban Unauthorized Crypto Platforms, Citing Philippine Precedent | BitPinas PlatoBlockchain Data Intelligence. Vertical Search. Ai.

In line with regulatory actions in the Philippines and India, the Thailand Securities and Exchange Commission (SEC) has decided to prohibit ‘unauthorized’ crypto platforms, drawing inspiration from these countries. 

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Inspired by Philippines and India

In an announcement by the Thai Commission, the regulator noted that it aims to block unlicensed crypto exchanges to curb online crimes like money laundering. It plans to provide the Ministry of Digital Economy and Society with a list of such exchanges.

This decision followed a meeting of the Technology Crime Prevention and Suppression Committee on April 19, according to Thai SEC Secretary-General Pornanong Budsaratragoon.

“This action, similar to those in other countries such as India and the Philippines, has been taken to enforce the law against unauthorized digital asset service providers and to prevent their use as channels for illicit activities.”

Pornanong Budsaratragoon, Thai SEC Secretary-General 

(Note: BitPinas used machine translation for the translation.)

Thai SEC to Block Crypto Platforms

To mitigate the public impact, the SEC advises crypto investors to withdraw funds from unregistered platforms before the ban’s implementation.

The translated SEC statement cautions against using services from unlicensed digital asset operators due to a lack of legal protection and the risk of scams and money laundering.

“The SEC would like to warn the public and investors to be careful of using services with unlicensed digital asset business operators because they will not be protected by law. There is also the risk of being deceived (scam) and being (associated with) money laundering… Therefore, the SEC requests users to quickly withdraw their assets,” the announcement said.  

Moreover, the SEC encourages investors to verify platform licenses through the SEC Check First application before investing. 

As of writing, Thailand has not yet disclosed the specific entities it will prohibit. However, according to government records, widely used exchanges such as Binance, Coinbase, KuCoin, Kraken, and OKX are not authorized to operate within the country’s legal framework.

PH and IN Regulatory Actions

Since the emergence of crypto platforms in the Philippines, the local SEC has been active in flagging and warning the public about them. Recently, the Commission took action against several online investment platforms, including Binance, XM, and eToro, for operating without proper registration or authorization. 

The SEC clarified its decision to ban Binance due to its lack of registration efforts in the Philippines. Additionally, advisories were issued against XM and eToro for similar illegal activities targeting Filipino investors. 

Prior to these, the SEC, in collaboration with the National Telecommunications Commission (NTC), ordered internet service providers to block the websites of OctaFX and MiTrade.

Read: Global Regulatory Outlook for Cryptocurrencies 2024

This article is published on BitPinas: Thai SEC Bans Unauthorized Platforms, Citing Philippine Precedent


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