Ten Malaysians Arrested for Unlawful Bitcoin Investment Event
Ten Malaysians have been arrested in Chiang Mai, Thailand, and charged with illegally running a business that encourages Chinese nationals to invest in Bitcoin without a valid license.
According to the Bangkok Post, Pol Lt Gen Sompong Chingduang, the Commissioner of the Immigration Bureau, the unnamed Malaysian nationals were detained after they hosted a Bitcoin investment seminar in one of the city’s hotels. At least 100 Chinese nationals were in attendance.
The ten Malaysians failed to show they were licensed to run a Bitcoin investment platform in Thailand after the police raided the event. The suspects have been charged with unlawfully working in this nation.
Allegedly, the suspects entered into Thailand on tourist visas though they did not have the necessary work permits.
As reported by Blockchain.News on Aug 26, the Thai Securities and Exchange Commission (SEC) unraveled a crypto scam whereby potential investors were coerced into functioning with overseas companies.
The Thai regulator stated that it was aware of various illegitimate companies taking part in the purported scam identified as an FX trading corporation.
On the other hand, Uttama Savanayana, Thailand's Finance Minister, acknowledged that his ministry intends to use blockchain technology in upgrading the system infrastructure. The decision comes from the knowledge that blockchain technology will ensure optimal service delivery to the nation’s citizens.
Image via Shutterstock