The Thai Securities and Exchanges Commission has warned the public against a new cryptocurrency scam that has been targeting Thai investors. As reported by the Bangkok Post, the new scam poses as a legitimate digital currency trading platform operating from overseas.
The company, known as FX Trading Corporation is not authorized to operate in Thailand, a spokesperson for the SEC's Department of Special Investigations stated on Saturday. There are several other companies which are also involved in similar vices, he added, urging the public to be vigilant.
The scams all claim to be operating from overseas and operate through online portals. So far, the extent of the losses accrued to these firms is unknown.
The regulator further reminded the public that it has only authorized three companies to offer digital asset trading and one broker. The three are Satang Corporation, Bitcoin Co. and Bitkub Online. The only authorized digital currency broker in the country is Coins TH.
The SEC will continue to crack down on the crypto-related scams, the spokesperson assured. However, with the new wave of scams, the regulator's reach is limited as they are located outside Thailand. The watchdog will require the cooperation of their counterparts from the countries in which the scams operate from.
Thai regulators have been vigilant in their fight against cryptocurrency scams as the use of cryptos in the country continues to rise. As CoinGeek reported recently, the country's Anti-Money Laundering Office (AMLO) committed to tackle crypto money laundering in the Southeast Asian country. The head of the watchdog voiced his concerns that the current regulation doesn't do enough to tackle this new form of money laundering. He further committed to spearhead the amending of the country's anti-money laundering laws to enable his agency to crack down on crypto money launderers.
Thailand has continued to formulate policies that are aimed at making the country a blockchain and crypto hub. Earlier this year, the country's parliament approved the issuance of tokenized securities through blockchain technology. A month later, the SEC approved the first ICO portal in the country and promised to work on another portal for the STO industry. In May, the government revealed that it would amend the Securities and Exchanges Act to allow for the regulation of tokenized securities.
The company, known as FX Trading Corporation is not authorized to operate in Thailand, a spokesperson for the SEC's Department of Special Investigations stated on Saturday. There are several other companies which are also involved in similar vices, he added, urging the public to be vigilant.
The scams all claim to be operating from overseas and operate through online portals. So far, the extent of the losses accrued to these firms is unknown.
The regulator further reminded the public that it has only authorized three companies to offer digital asset trading and one broker. The three are Satang Corporation, Bitcoin Co. and Bitkub Online. The only authorized digital currency broker in the country is Coins TH.
The SEC will continue to crack down on the crypto-related scams, the spokesperson assured. However, with the new wave of scams, the regulator's reach is limited as they are located outside Thailand. The watchdog will require the cooperation of their counterparts from the countries in which the scams operate from.
Thai regulators have been vigilant in their fight against cryptocurrency scams as the use of cryptos in the country continues to rise. As CoinGeek reported recently, the country's Anti-Money Laundering Office (AMLO) committed to tackle crypto money laundering in the Southeast Asian country. The head of the watchdog voiced his concerns that the current regulation doesn't do enough to tackle this new form of money laundering. He further committed to spearhead the amending of the country's anti-money laundering laws to enable his agency to crack down on crypto money launderers.
Thailand has continued to formulate policies that are aimed at making the country a blockchain and crypto hub. Earlier this year, the country's parliament approved the issuance of tokenized securities through blockchain technology. A month later, the SEC approved the first ICO portal in the country and promised to work on another portal for the STO industry. In May, the government revealed that it would amend the Securities and Exchanges Act to allow for the regulation of tokenized securities.
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