Thailand’s Securities and Exchange Commission (SEC) has warned the public against 14 websites whose operators have been soliciting customers to buy and sell cryptocurrencies and related products. The regulator says these operators are not authorized to conduct crypto business in the country and have been scamming people.
Currently, only seven companies are approved for crypto buying and selling.
The Unauthorized Websites
The 14 websites named by the Thai SEC are payniex.com, misterchanger.com, thaiexchanger.com, egtexchange.com, digicardshop.com, superrichexchanger.com, emoneythai.com, i-exch.com, exchangercoin.com, gamershoppings.com, ecurrencyplus.com, ecurrencythailand.com, lnwexchanger.com, and R Exchange’s Facebook page. Some of these websites have removed their crypto offerings after the commission’s warning.
One of the exchange ,R Exchange, went as far as to starting a kiosk at Bangkok’s main airport, Suvarnabhumi.
The commission reiterated that no digital asset operator or issuer has been granted full approval. Seven companies, however, have been temporarily approved while their applications are being reviewed.
According to the regulator’s website, six of them are crypto exchanges:
Bitcoin Co. Ltd. (Bx)
Bitkub Online Co. Ltd.
Cash2coins, Satang Corporation (Tdax)
Coin Asset Co. Ltd.
Southeast Asia Digital Exchange Co. Ltd. (Seadex).
One company, Coins Th, has been temporarily approved as a crypto dealer.
Tdax rebranded as Satang Pro on Sept. 28. The company is currently working on launching a new wallet and “the first digital asset payment platform in Thailand that allows the customers to buy, sell, pay for utility services, and top-up their mobile phones and gift cards,” its website details.
Scams like these are nothing new, but it’s one of the first time we actually see government operations stepping in and warning the public about them in the cryptocurrency space.
This will lead to a more stable ecosystem in the future.