Thailand SEC to Block Access to Unauthorized Crypto Service Providers
The Securities and Exchange Commission (SEC) of Thailand has announced its collaboration with the Ministry of Digital Economy and Society (DE) and other related agencies.
The collaboration is part of the plan to block unauthorized access to digital asset service providers’ platforms. This move aims to increase the efficiency of law enforcement and prevent criminals from using these platforms as channels for money laundering and other online crimes.
Key points:
- The Technology Crime Prevention and Suppression Committee resolved to order the SEC to submit information on unauthorized digital asset service providers to the DE for access blocking.
- The Thailand SEC will consider the impact on crypto platform users and provide them with time to manage their accounts.
- Countries like India and the Philippines implement a practice similar to blocking unauthorized platforms.
- The SEC has previously taken legal action against digital asset business operators without permission.
Mrs. Pornanong Busaratrakul, Secretary-General of the SEC, stated that the decision to block access to unauthorized platforms was made during a meeting of the Technology Crime Prevention and Suppression Committee on April 19, 2024. The SEC will send the matter to the DE, who will proceed with the relevant process and submit a petition to the court.
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Thailand SEC considered imapct on these crypto platform users
In taking this step, the SEC has considered the impact on platform users. The government will also provide them with adequate time to manage their accounts before the service becomes inaccessible.
The regulator underscores that other countries, like India and the Philippines, implement similar practices of blocking unauthorized platforms to combat online crime and safeguard investors.
The SEC has a history of taking legal action against digital asset business operators that operate without permission and solicit the use of their services in Thailand.
The regulator has previously collaborated with the Economic Crime Suppression Division (OCEC) to address these issues. These include cases involving foreign platform providers like Binance and Bybit Fintech Limited (Bybit).
In light of this development, the SEC has requested that users of the affected platforms quickly withdraw their assets before access is blocked. The regulator also cautioned the public and investors to exercise caution when using services provided by unauthorized digital asset business operators., as they may not receive legal protection and face risks such as scams and money laundering.
