Beware of an Overseas Crypto Scam, Thai Regulator Stipulates

By Brian Njuguna   Aug 26, 2019 1 Min Read

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The Thai Securities and Exchange Commission (SEC) has unraveled the latest crypto scam whereby potential investors are coerced into functioning with overseas companies.

According to the Bangkok Post, the Thai regulator is knowledgeable about various illegitimate companies taking part in the purported scam identified as FX trading corporation. Notably, this entity does not have any jurisdiction in cryptocurrency trading. The regulator has also asserted that the losses endured are unknown.

The SEC has affirmed that only three Thai firms are permitted to carry out digital asset operations. Moreover, the services of crypto dealership or brokerage have been authorized to a single company.

According to the Thai Ministry of Finance, the four firms were given the mandate to operate in January 2019. Additionally, crypto linked services were authorized to Coins TH Co., Ltd, a brokerage firm, as well as exchanges, such as Satang Corporation, Bitkub Online Co, and Bitcoin Exchange Co.

The Thai regulator has also stipulated that it is seeking collaboration from relevant foreign players so that the crypto industry in Thailand can be considerably scrutinized because foreign-aided scams have been inevitable.

Across the globe, crypto scams have been wreaking havoc. For instance, in Saudi Arabia, the ministry of finance recently aired its concerns about cryptocurrency scammers who were utilizing its symbols proclaiming to offer tokens that are government-related.

Images via Shutterstock




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