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SEC warns the public and investors to be cautious of unlicensed business operators



Wednesday 27 September 2023 | No. 168 / 2023


Bangkok, 27 September 2023 – The Securities and Exchange Commission (SEC) warns the public and investors to exercise caution when using services of business operators who are not licensed to engage in securities, derivatives or digital assets businesses, including foreign digital asset business operators, because dealing with unlicensed entities lacks legal protection and may involve the risk of scam. Moreover, any fintech exhibition organizers involved in such unlicensed matters may be considered an aider to illegal activities.

The warning came after the SEC had received information from the concerned public and stakeholders who noticed that unlicensed business operators in the securities and digital asset sectors, including foreign digital asset business operators, were soliciting the public to make investments with, or use services of, such unlicensed entities at a financial technology exhibition held at a shopping center on September 27, 2023.

The SEC conducted an onsite inspection and gathered evidence in this regard, reaching out to the event organizers and urging them to cooperate and cease the participation of unlicensed business operators at the exhibition. Failure to cooperate could lead to being considered as a supporter to commission of offenses.  

Concurrently, the SEC urges the public and investors to exercise caution when using services of securities business operators, derivatives business operators or digital asset business operators who have not obtained a respective license, as well as foreign digital asset business operators. This is because such unlicensed activities do not come with legal protection, and the investing public is exposed to the risk of falling victim to scams. It should be noted that all service providers involved in trading, exchange, custody, transfer, money withdrawal or any transactions related to digital assets in Thailand must obtain a license in accordance with the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).  

The public and investors can verify the list of licensed business operators on the SEC website at www.sec.or.th or through the SEC Check First application. To report suspicious activities, please contact the SEC through the SEC Public Service Center Hotline at 1207, the official SEC Facebook Page at “สำนักงาน กลต.” (Office of the SEC), or SEC Live Chat at the SEC website, in order for the SEC to conduct further in-dept investigations. Any activities liable to violation of laws enforced by the SEC may be subject to legal action, which could result in both imprisonment and fines. In case of activities liable to violation of other laws outside the SEC’s jurisdiction, the SEC will collaborate with the related agencies and authorities for further proceedings. 

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Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 168 / 2023 Wednesday 27 September 2023
SEC warns the public and investors to be cautious of unlicensed business operators

Bangkok, 27 September 2023 – The Securities and Exchange Commission (SEC) warns the public and investors to exercise caution when using services of business operators who are not licensed to engage in securities, derivatives or digital assets businesses, including foreign digital asset business operators, because dealing with unlicensed entities lacks legal protection and may involve the risk of scam. Moreover, any fintech exhibition organizers involved in such unlicensed matters may be considered an aider to illegal activities.

The warning came after the SEC had received information from the concerned public and stakeholders who noticed that unlicensed business operators in the securities and digital asset sectors, including foreign digital asset business operators, were soliciting the public to make investments with, or use services of, such unlicensed entities at a financial technology exhibition held at a shopping center on September 27, 2023.

The SEC conducted an onsite inspection and gathered evidence in this regard, reaching out to the event organizers and urging them to cooperate and cease the participation of unlicensed business operators at the exhibition. Failure to cooperate could lead to being considered as a supporter to commission of offenses.  

Concurrently, the SEC urges the public and investors to exercise caution when using services of securities business operators, derivatives business operators or digital asset business operators who have not obtained a respective license, as well as foreign digital asset business operators. This is because such unlicensed activities do not come with legal protection, and the investing public is exposed to the risk of falling victim to scams. It should be noted that all service providers involved in trading, exchange, custody, transfer, money withdrawal or any transactions related to digital assets in Thailand must obtain a license in accordance with the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).  

The public and investors can verify the list of licensed business operators on the SEC website at www.sec.or.th or through the SEC Check First application. To report suspicious activities, please contact the SEC through the SEC Public Service Center Hotline at 1207, the official SEC Facebook Page at “สำนักงาน กลต.” (Office of the SEC), or SEC Live Chat at the SEC website, in order for the SEC to conduct further in-dept investigations. Any activities liable to violation of laws enforced by the SEC may be subject to legal action, which could result in both imprisonment and fines. In case of activities liable to violation of other laws outside the SEC’s jurisdiction, the SEC will collaborate with the related agencies and authorities for further proceedings. 

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