Cryptocurrencies

Thai SEC Follows Philippine Lead, Plans Ban on Unauthorized Crypto Platforms

The Thailand Securities and Exchange Commission (SEC) has decided to follow in the footsteps of regulatory actions taken in the Philippines and India by banning ‘unauthorized’ crypto platforms to prevent money laundering. In an announcement by the Thai Commission, they aim to provide the Ministry of Digital Economy and Society with a list of unlicensed exchanges to block them.

Thai SEC Secretary-General Pornanong Budsaratragoon stated that this action is similar to those in India and the Philippines to enforce the law against unauthorized digital asset service providers and prevent their use in illicit activities.

To lessen the impact on the public, the SEC advises crypto investors to withdraw their funds from unregistered platforms before the ban is enforced. They caution against using services from unlicensed operators due to the lack of legal protection and the risks associated with scams and money laundering.

Additionally, the SEC encourages investors to check platform licenses through the SEC Check First application before making any investments. Leading exchanges like Binance, Coinbase, KuCoin, Kraken, and OKX are not authorized to operate within Thailand’s legal framework, according to government records.

In the Philippines, the SEC has been active in flagging and warning the public about unauthorized crypto platforms. Recently, they took action against platforms like Binance, XM, and eToro for operating without proper registration or authorization. The SEC clarified that Binance was banned due to its lack of registration efforts in the Philippines.

Before investing in cryptocurrencies, it is crucial to conduct your own due diligence and seek professional advice. BitPinas provides content for informational purposes only and does not constitute investment advice.

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