Thailand's Securities and Exchange Commission (SEC) has warned the public against 14 websites whose operators have been soliciting customers to buy and sell cryptocurrencies and related products. The regulator says these operators are not authorized to conduct crypto business in the country. Currently, only seven companies are temporarily approved for crypto operations.
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<img class = "size-medium wp-image-251425 alignright” title=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/thai-sec-300×283.png” alt=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators "width =" 300 "height =" 283 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/thai-sec-300×283.png 300w , https://news.bitcoin.com/wp-content/uploads/2018/11/thai-sec.png 309w "sizes =" (max-width: 300px) 100vw, 300px”/>The Thai SEC issued a warning on Friday against 14 websites whose operators have not been approved to conduct cryptocurrency business in Thailand.
It has received complaints about these businesses which have been encouraging the public to buy and sell cryptocurrencies through social media. The regulator further warned the public to take caution when solicited to buy or sell digital assets by unauthorized individuals.
The 14 websites named by the Thai SEC are payniex.com, misterchanger.com, thaiexchanger.com, egtexchange.com, digicardshop.com, superrichexchanger.com, emoneythai.com, i-exch.com, exchangercoin.com, gamershoppings.com , ecurrencyplus.com, ecurrencythailand.com, lnwexchanger.com, and R Exchange's Facebook page. Some of these websites have removed their crypto offerings after the commission's warning.
<img class = "aligncenter wp-image-251431″ title=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/R-Exchange-1024×509.png” alt=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators "width =" 650 "height =" 323 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/R-Exchange-1024×509.png 1024w , https://news.bitcoin.com/wp-content/uploads/2018/11/R-Exchange-300×149.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/11/ R-Exchange-768×382.png 768w, https://news.bitcoin.com/wp-content/uploads/2018/11/R-Exchange-324×160.png 324w, https://news.bitcoin.com/wp- content / uploads / 2018/11 / R-Exchange-696×346.png 696w, https://news.bitcoin.com/wp-content/uploads/2018/11/R-Exchange-1068×531.png 1068w, https: // news.bitcoin.com/wp-content/uploads/2018/11/R-Exchange-845×420.png 845w, https://news.bitcoin.com/wp-content/uploads/2018/11/R-Exchange.png 1085w "sizes =" (max-width: 650px) 100vw, 650px”/>
One of the operators on the list, announced on Nov. 18 that its kiosk at Bangkok's main airport, Suvarnabhumi, had begun offering the exchange of seven cryptocurrencies – BTC, BCH, ETH, ETC, LTC, XRP, and XLM. 15% will apply.
Only Seven Operators Allowed
According to Thai's cryptocurrency regulations, which went into effect in May, the country's main crypto regulator.
<img class = "alignright wp-image-251432″ title=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/thai-flag.png” alt=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators "width =" 300 "height =" 209 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/thai-flag.png 256w, https : //news.bitcoin.com/wp-content/uploads/2018/11/thai-flag-100×70.png 100w, https://news.bitcoin.com/wp-content/uploads/2018/11/thai- flag-200×140.png 200w "sizes =" (max-width: 300px) 100vw, 300px”/>Digital commissioner or issuer has been granted full approval. Seven companies, however, have been temporarily approved while their applications are being reviewed. According to the regulator's website, six of them are crypto exchanges: 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, has been temporarily approved as a crypto dealer.
<img class = "alignright wp-image-251435 gr-progress” title=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/satang-pro.png” alt=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators "width =" 300 "height =" 69″/>Tdax rebranded as Satan Pro on Sept. 28. The company is currently working on launching a new wallet and "the first digital asset payment platform in Thailand that allows customers to buy, sell, pay for utility services, and top-up their mobile phones and gift cards," its website details.
In the event, founder Sivanus Yamdee unveiled the exchange's own token as well as its plan to expand globally.
<img class = "size-medium wp-image-251433 alignright gr-progress” title=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/bitkub-300×99.png” alt=”Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators "width =" 300 "height =" 99 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/bitkub-300×99.png 300w, https : //news.bitcoin.com/wp-content/uploads/2018/11/bitkub.png 411w "sizes =" (max-width: 300px) 100vw, 300px”/>Bitkub also plans to issue its own token. The CEO of Bitkub Capital Group Holdings, Jirayut Srupsrisopa, said early this month that the exchange plans to increase the number of supported coins to 20 by the end of the year, the Nation reported. The exchange also started offering the trading of USDT against the Thai baht on Nov. 19.
Earlier this month, the Thai SEC warned against a few companies promoting their crypto exchange businesses in the country without approval. The agency has also issued warnings against nine unauthorized tokens.
What do you think of the rising number of unlicensed crypto operators in Thailand? Let us know in the comments section below.
Images courtesy of Shutterstock, Thai SEC, Bitkub, Satang Pro, R Exchange, and Facebook.
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