Thailand busts illegal e-money firms

Police question one of the 11 suspects arrested during a raid on five illegally operating e-money firms in Bangkok and two other provinces on Friday. (Photo: bangkokpost.com)

Bangkok – Thai police have arrested 11 executives and employees from five illegally operating cryptocurrency firms with a combined revenue of approximately 1 billion THB (nearly 30 million USD).

According to Major Thatphum Jaruprat, head of the Economic Crime Division (ECD), authorities raided the companies in Nakhon Pathom, Samut Sakhon, and Bangkok after discovering they were operating without licenses.

Investigations revealed that these platforms acted as intermediaries for users purchasing foreign products. Customers were required to register, open e-wallets, and deposit funds via bank accounts linked to the companies, raising concerns over economic losses and potential money laundering.

Thailand’s central bank regulates cryptocurrency-related businesses under the 2017 Payment Systems Act to mitigate risks and protect consumers. ECD investigators confirmed legal violations, and the arrested individuals now face charges for offering unauthorised cryptocurrency services.