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SEC collaborates with government agencies to restrict access to unlicensed digital asset service platforms



Friday 19 April 2024 | No. 82 / 2024


Bangkok, 19 April 2024The Securities and Exchange Commission (SEC) is collaborating with the Ministry of Digital Economy and Society (DE) and other relevant agencies in restricting access to unlicensed digital asset service platforms. This joint effort aims to enhance the efficiency of law enforcement and prevent scammers from using such platforms to launder illegally obtained assets, thereby addressing cybercrime.

SEC Secretary-General Pornanong Budsaratragoon said: “On 19 April 2024, the Technological Crime Prevention and Suppression Committee passed a resolution for the SEC to share the information on unlicensed digital asset service providers with the DE. This aims to block access to these platforms, strengthen law enforcement, and prevent scammers from using such platforms to launder unlawfully obtained assets. This marks another step in combating cybercrime.” 

Next, the SEC will submit the information on relevant cases to the DE for further processing and requesting for the court approval. In so doing, the SEC emphasizes the importance of considering potential impacts on the public who use these digital asset platforms and gives them time to manage their accounts before access is restricted. Similar actions to block unlicensed platforms are also observed in foreign countries such as India and the Philippines.   

Previously, the SEC enforced the law against unlicensed digital asset business providers who solicit their services in Thailand. In exercising its roles and responsibilities, the SEC filed criminal complaints with the Economic Crime Suppression Division of the Royal Thai Police (ECD) against offenders, including foreign platforms such as Binance* and Bybit Fintech Limited (Bybit)**

Additionally, the SEC has suggested the investors withdraw their assets from those unlicensed platform. 

The SEC strongly advises the public and investors to be cautious when dealing with unlicensed digital asset business operators as there is no legal protection and instead they may be at risk of being scammed or caught in the middle of money laundering. To check the list of licensed operators, please visit www.sec.or.th or use the SEC Check First application. To check the list of individuals who are not regulated by the SEC, please go to Investor Alert via this link: https://market.sec.or.th/public/idisc/th/InvestorAlert.

To report tips on suspicious activities, please contact the SEC Complaint Center via Hotline 1207 or through SEC Office Facebook Page or SEC Live Chat on the SEC website for further in-depth investigation.

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Remark:  

* SEC News No. 125/2021 headlined: “SEC files a criminal complaint against Binance for operating digital asset business without license,” released on 2 July 2021: https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017 

** SEC News No. 257/2023 headlined: “SEC files a criminal complaint against three offenders related to Bybit.com for operating digital asset exchange business without license,” released on 22 December 2023: https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=10372






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