In a recent development, authorities in Thailand have decided to block access to “unauthorized” crypto platforms. This decision was made to enhance the efficiency of law enforcement in addressing online crime.
The Securities and Exchange Commission (SEC) of Thailand has been directed to submit information on unauthorized digital asset service providers to the Ministry of Digital Economy and Society. This is to facilitate the blocking of access to these platforms.
The entities deemed as unauthorized have not been specifically named by the authorities. However, users have been advised to withdraw their assets promptly. The SEC has considered the impact on users and will provide them with time to manage their accounts before they are unable to use the service.
Some of the crypto exchanges that are not licensed to operate in Thailand include Binance Holdings Ltd, and Bybit Fintech Limited (Bybit), among many others. Users of these affected cryptocurrency exchanges will have a limited window to withdraw their funds before they lose access to the respective services.
The Thai SEC has also referred to earlier decisions by countries like India and the Philippines in blocking unauthorized platforms. This move is part of Thailand’s ongoing efforts to strike a balance between supporting the crypto ecosystem and preventing fraud.
In conclusion, this development marks a significant step in Thailand’s approach to regulating the crypto market. It underscores the country’s commitment to ensuring a safe and regulated environment for crypto transactions, while also highlighting the challenges that come with the rapid growth of digital currencies.
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