The SEC found that (1) Mr. Hoai Nam, (2) Mr. Trung Banh, and (3) Mr. Trung Huynh, who are co-developers and the principal operators of the Holdstation application, and (4) Mr. John Palmer, the developer of the UNO application, provided platforms through both the Holdstation and UNO applications for trading or exchanging digital assets for the public in the manner of digital asset brokerage, whereby fees were charged. In addition, Thai language services were provided within the applications and Thai language descriptions of the applications were published on the website www.world.org, as the case may be. Such conduct is considered to constitute operating a digital asset brokerage business without a license, in violation of Section 26 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (Emergency Decree), and is subject to penalties under Section 66 of the Emergency Decree in conjunction with Section 83 of the Criminal Code, as the case may be.

In addition, it appeared that the UNO application received assistance and facility in publicizing its services from TFH. Therefore, TFH’s conduct is considered to constitute assisting or facilitating the UNO application in operating a digital asset brokerage business without a license, in violation of Section 26, which is subject to penalties under Section 66 of the Emergency Decree in conjunction with Section 86 of the Criminal Code.

At the time of the incident, Mr. Alex Blania, Chief Executive Officer of TFH, was the person responsible for the operation of TFH. Accordingly, Mr. Alex Blania is liable in the same manner as TFH under Section 94 of the Emergency Decree.

The SEC has therefore filed a criminal complaint against the six persons, namely (1) Mr. Hoai Nam, (2) Mr. Trung Banh, (3) Mr. Trung Huynh, (4) Mr. John Palmer, (5) TFH, and (6) Mr. Alex Blania, with the ECD for further legal proceedings.

Following the criminal complaint filed by the SEC, the criminal enforcement process will proceed with an investigation by the inquiry official, prosecution by the public prosecutor, and adjudication by the court of justice, respectively. In this regard, the SEC will monitor the progress of the legal proceedings and fully cooperate with relevant agencies to support legal enforcement under the Emergency Decree after the criminal complaint has been filed.  

In addition, the SEC has submitted information regarding the Holdstation and UNO platforms to the MDES for the purpose of blocking access to the platforms. This action is in accordance with the Royal Decree on Measures for Preventing and Suppressing Technology Related Crimes (No. 2) B.E. 2568 (2025), which authorizes the MDES to order the blocking of unlicensed digital asset trading platforms to protect investors and prevent the use of unlicensed digital asset trading platforms for money laundering activities. As a result, public access to the Holdstation and UNO platforms will be blocked from 1 October 2026.

In this regard, the SEC advises investors who use the Holdstation and UNO applications to consider taking action with respect to their own assets held on the platforms before the platform blocking deadline. Users should monitor changes to the services and consider transferring their digital assets to other digital asset storage channels, such as a personal wallet or a licensed digital asset business operator. The blocking of the above platforms will be limited to blocking access channels to the Holdstation and UNO platforms only.

The SEC also urges the public and investors to exercise caution when using services of unlicensed digital asset business operators, as they will not be protected under the law and may be exposed to risks of fraud and scams as well as money laundering activities. The list of licensed business operators can be verified on the SEC’s website at www.sec.or.th and via the SEC Check First application. Additionally, the list of individuals or entities not regulated by the SEC is available in the Investor Alert section on the SEC’s website at https://market.sec.or.th/public/idisc/th/InvestorAlert.

To report any leads or tip-offs regarding suspicious activities, please contact the SEC Complaint Center via Hotline 1207, the SEC official Facebook page, or the SEC Live Chat on the SEC website for further in-depth investigation.