Thailand plans to block unlicensed cryptocurrency exchanges
Key Takeaways
- Thailand’s SEC has announced plans to shut down unlicensed cryptocurrency exchanges to combat financial crime.
- Investors are encouraged to withdraw assets from non-compliant platforms and use the “SEC Check First” app to check the licensing status of cryptocurrency exchanges.
- This plan is consistent with the global trend of strengthening cryptocurrency regulation.
Thailand aims to combat financial crime. Shut down unlicensed cryptocurrency exchanges operating within our borders.
The Vietnam Securities and Exchange Commission (SEC), under the leadership of Secretary-General Pornanong Busaratragun, announced the plan on April 19.
Did you know?
Do you want to become smarter and richer with cryptocurrency?
Subscribe – We post new cryptocurrency explainer videos every week!
Thailand SEC Prepare a list of cryptocurrency exchanges operating without official approval, We plan to submit it to the Ministry of Digital Economy and Society.
The SEC aims to prevent public inconvenience and protect investors. It urged all cryptocurrency users to immediately withdraw their assets from these non-compliant platforms. Highlighted:
The SEC would like to advise the public and investors to be cautious as there is no legal protection against the use of services by unauthorized digital asset operators.
Moreover, the SEC Investors were encouraged to check the licensing status of cryptocurrency platforms. Use the “SEC Check First” application.
The application currently states: Major cryptocurrency exchanges such as Binance, Kraken, Coinbase, and KuCoin are not registered. So, once the ban comes into effect, they will be closed.
The ban reflects the conversation about cryptocurrency regulation and its role in protecting investors and preventing crime, and is in line with stricter rules being implemented globally.
Hong Kong has taken similar measures, requiring unlicensed cryptocurrency exchanges to cease operations by the end of May.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst who delivers data-driven and fact-based content as well as speaking to both Web3 natives and industry newcomers.
Aaron is the go-to guy for all things digital currency-related. With a huge passion for blockchain and Web3 education, Aaron is working to transform the space as we know it and make it more accessible to complete beginners.
Aaron has been quoted in several popular media outlets and is a published author himself. In his spare time, he enjoys researching market trends and looking for the next supernova.
