Thai Police Intensify Scrutiny on Crypto Operations with Recent Arrests and Raids
by aria-crypto.com
March 4, 2025 at 17:39
Thai Police Intensify Scrutiny on Crypto Operations with Recent Arrests and Raids
Thai police have conducted a series of raids on five cryptocurrency firms operating without licenses, arresting 11 individuals involved. These firms were located across Nakhon Pathom, Samut Sakhon, and Bangkok, and are accused of running illicit e-money transactions with an annual turnover of approximately $29.3 million. The arrests, which included both executives and lower-level employees, were part of a broader effort to curb unregulated cryptocurrency activities that pose risks such as money laundering and capital flight. Thai law, under the 2017 Payment System Act, mandates that forex-based e-money businesses be registered and licensed, a regulation flouted by the raided companies. This action aligns with Thailand's continued efforts to clamp down on illegal operations within the crypto space, despite the industry's growth and the country's moderate stance on crypto regulation compared to its Southeast Asian neighbors. These measures reflect a concerted effort by Thai authorities to target fraudulent activities and ensure compliance with financial regulations, enhancing the security and legitimacy of the cryptocurrency environment in Thailand.
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