The financial regulator of Thailand told a cryptocurrency exchange to cease advertising and warned citizens not to use it because of legal uncertainty, according to the Thai Securities and Exchange Commission (Thai SEC), Tuesday, November 13.
In the release, the Thai SEC said it had not officially approved Q Exchange, a Thai and South Korean joint venture, as part of its new cryptocurrency laws.
The Q Exchange, which reportedly offers ten crypts including Ethereum (ETH) and Bitcoin (BTC), noted that it had plans to launch its Q Token on October 25, reports the Thai news agency Lokwannee. Cointelegraph notes that although several Thai news sources reported on the launch and announcements related to the Q Exchange, we have not been able to identify a current online presence for the exchange.
Following a royal decree in May of this year, cryptocurrency firms such as stock exchanges and Initial Coin Offering (ICO) traders must apply for permission and register with the authorities before starting operations in Thailand.
The first officially licensed platform should appear by the end of November, Cointelegraph reported last week.
"The SEC would like to inform the public that Q Exchange Co Ltd is not a licensed digital business operator," writes Thai SEC, adding:
"The public and investors should be wary of engaging in digital activities and electronic money exchanges with this company because such actions may not be legitimized by the SEC."
Thailand has tried to strictly control its national cryptographic market this year, with various actors demanding stricter controls in addition to the regulatory package now signed in law.
Earlier this month, the country's deputy prime minister highlighted the need for additional security practices to safeguard against the threat of malicious actors using cryptocurrency.