According to the SEC’s findings, XT .COM has provided a digital asset trading system to facilitate trading and exchange of digital assets while charging fees. Additionally, it has promoted and solicited users in Thailand to use XT .COM’s services through Thai-language social media, i.e., Facebook, Telegram and YouTube, and has set up XT .COM booth at events held in Thailand.

The XT .COM’s activities are liable to be an operation of digital asset exchange business under Section 3 of the Emergency Decree, for which XT .COM has not obtained a license, in violation of Section 26, and subject to offenses and penalties under Section 66 of the Emergency Decree. The SEC has therefore filed the criminal complaint against XT .COM with the ECD for consideration of further legal action. 

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

The public and investors should exercise caution when using services from unlicensed digital asset businesses as they will not be protected under the law and may be exposed to risks of frauds and scams as well as the potential misuse of funds for money laundering by offenders. Investors can verify the list of digital asset business licensees on the SEC’s website at www.sec.or.th and SEC Check First application. Additionally, the list of individuals or entities not regulated by the SEC is available at the Investor Alert Section on the SEC’s website: https://market.sec.or.th/public/idisc/th/InvestorAlert.  

To report any information regarding suspicious activities, please contact the SEC Complaint Center via Hotline 1207 or the SEC Official Facebook Page, or the SEC Live Chat on the SEC website for further investigation.