Thailand SEC Issues a Public Warning About Latest Cryptocurrency Scam

The SEC (Securities and Exchange Commission) of Thailand has alerted the public about a fresh digital currency scam wherein the scam enterprises pose as overseas-operating legal crypto traders. These scammers lure the victims into making digital currency investments with them through their websites.

As per the Department of Special Investigation’s spokesperson, Pol Lt Co Woranan Silam, there are several websites, as well as entities, which have involvement in this fraud. While relaying the regulator’s public warning on Saturday, the spokesperson also named a company, called FX Trading Corporation, disclosing that the firm didn’t possess authorization to trade cryptocurrencies as claimed.

Continuing further, the report also revealed that a majority of the companies claimed to be overseas entities that manage their services and operations outside Thailand through online portals. How much losses these companies have caused to the nation’s unsuspecting investors so far is still unknown, according to the SEC.

In order to make people more aware, the SEC also clarified that it had given authorization to only three entities for running digital assets business in the country namely, Bitkub Online Co, Satang Corporation Co, and Bitcoin Co. Moreover, Coins TH Co is the sole firm that has obtained authorization from the regulator to operate as a licensed digital currency dealer or broker, as stated by the representative.


The spokesperson also added that the Thailand authorities need cooperation from their overseas counterparts for further investigation into the matter as the scam involves foreign entities as well. It can take years for such inquiries to end or recover the lost investments, said the spokesperson.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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