Thai authorities are blocking access to unauthorised crypto platforms to fight cybercrime and urging users to withdraw assets urgently.
According to a report published on the Securities and Exchange Commission of Thailand’s website, Thai authorities have decided to block access to all ‘unauthorised’ cryptocurrency platforms to increase the effectiveness of law enforcement agencies in addressing cybercrime and deprive fraudsters of a channel for money laundering.
Following a Technology Crime Prevention and Suppression Committee meeting, the Securities and Exchange Commission of Thailand has been ordered to submit information on unauthorised digital asset service providers to the Ministry of Digital Economy and Society to block access to the platforms.
The Securities and Exchange Commission has considered the impact on users and will allow time for account management and withdrawals before users are prevented from using the services of unauthorised crypto platforms,’ the statement said.
‘The Securities and Exchange Commission of Thailand asks users of unauthorised crypto platforms to withdraw their assets as soon as possible,’ the statement said.
The Commission also cited similar decisions to block unauthorised platforms in countries such as India and the Philippines.
In the past, the SEC has taken enforcement action against unauthorised digital asset providers not registered to provide services in Thailand. Such providers included foreign cryptocurrency exchange operators such as Binance and Bybit.
Where to withdraw digital assets in Thailand
There are dozens of officially registered cryptocurrency platforms in Thailand, a complete list of which can be found on the Commission’s website or through the SEC Check First app. However, experts in the cryptocurrency market highlight providers such as BitKub and Bitazza.
Bitazza is a centralised Southeast Asian regional cryptocurrency exchange founded in Thailand in 2018. Bitazza’s trading platform supports instant fiat currency deposits and withdrawals, fiat and cryptocurrency trading pairs, and OTC services under licence from the Securities and Exchange Commission and the Thai Ministry of Finance.
Within the Bitazza ecosystem is Bitazza’s service token, a fiat-backed stablecoin, a Visa card and a blockchain-based payment solution. Bitazza’s app interface is simple, more like a banking app than a classic cryptocurrency exchange with an overloaded interface.
BitKub is a centralised cryptocurrency exchange operated by Bitkub Online in Thailand. Founded in 2018 by Jirayuth Srupsrisopa, it was one of the first exchanges to receive a digital asset trading licence from the country’s Securities and Exchange Commission in 2019.
Bitkub claims to be the largest cryptocurrency exchange in the country, accounting for 90 percent of cryptocurrency transactions, according to 2021 data from regulated exchanges.
Thai regulators are trying to balance supporting the cryptocurrency ecosystem and preventing fraud.
Authorities have allowed investors and individuals with large capital to invest in cryptocurrency exchange-traded funds and retail investors to invest without restrictions in digital tokens backed by real estate or infrastructure. However, the authorities also said platforms should have a contingency plan in case something goes wrong.
Links to register with Thailand-authorised cryptocurrency platforms licensed by the Securities and Exchange Commission and the Thai Ministry of Finance: Bitazza and BitKub.
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