Thailand’s Securities and Exchange Commission (SEC) has issued a warning advising the public to be cautious of engaging in unlicensed digital asset services, which may be operating illegally. Such activities could lead to criminal charges that include imprisonment and fines. This alert comes after reports surfaced of individuals providing digital asset exchange services outside of officially sanctioned exchanges.
The SEC emphasizes the risks involved with using unlicensed digital asset service providers, highlighting that these ventures may not offer the consumer protections mandated by law. Furthermore, there is an increased probability of such platforms being fraudulent or serving as conduits for money laundering activities.
In light of claims circulating on social media about unauthorized digital asset exchanges, the SEC states that any enterprise that regularly engages in trading, acting as a broker or agent for digital asset transactions, or offering investment advice without proper authorization may be in violation of the law.
To safeguard themselves, the SEC advises investors to ensure they are dealing with licensed digital asset businesses. A list of authorized companies is available on the SEC’s official website or through the “SEC Check First” app. Additionally, the SEC provides a resource to identify unlicensed entities via its investor alert page.
For any suspicious activities, the public is encouraged to contact the SEC’s Complaint and Whistleblower Center by calling 1207, via the official Facebook page, or through the SEC Live Chat on the commission’s website.
