Thai Govt Warns Against 14 Unauthorized Crypto Firms
November 27, 2018 12:43 pm
Thailand’s Securities and Exchange Commission (SEC) has warned its citizens against 14 companies that provide cryptocurrency related services. The regulatory team says that these operators are not authorized to conduct digital currency-related business in the country. According to the reports, as of now, only seven companies are temporarily approved for digital currency operations.
On Friday the Thai SEC issued a warning on Friday against 14 websites whose operations have not been approved for conducting cryptocurrency business in Thailand. The regulatory body described that it had received complaints about companies that encourage people to buy and sell cryptocurrencies through social media.
The Thai SEC announced 14 unauthorized websites’ names.
The list includes:
- R Exchange’s Facebook page.
In May 2018 the cryptocurrency regulations came to effect in May and companies that wanted to conduct crypto related business in Thailand, had to get approvals from the regulator. The seven companies that are approved to trade cryptocurrency firms are Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). One company, Coins Th.
Recently, Wissanu Krea-ngam, the Deputy Prime Minister of Thailand called for cryptocurrency regulations. The minister said that the anonymous nature of some of these cryptocurrencies poses the security challenges.
“The laws need to be amended in the future so that we can better keep up with technological changes.”