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Thai SEC warns of Bitcoin exchanges labeled “fraudsters”

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Thailand’s Securities and Exchange Commission (SEC) is currently warning the public about the rogue Bitcoin exchanges, which say it operates abroad. The information was published by the Bangkok Post on August 25.

SEC warns about Bitcoin scammers
Fraud has become a very common case in the cryptocurrency market over the past few years. Many companies, including stock exchanges, try to steal users’ funds using different methodologies. Pol Lt Co Woranan Silam, the spokeswoman for the Special Investigations Agency, issued a warning to the PUBLIC by the SEC. The regulatory body reported that FX Trading Corporation is not authorized to trade cryptocurrencies as the company claims. However, the regulator said it was not the only company involved in the scam.

Currently, there is no information on the exact number of participating companies and how much money they can raise from individuals in the country. According to the Bangkok Post, the SEC has authorized only three companies to trade cryptocurrencies in Thailand. These companies are Bitcoin Co. (www.bx.in.th), Bitkub Online Co. (www.bitkub.co.th) and Satang Corporation Co. (www.satang.pr). Coins TH Co (www.coins.co.th) is the only authorized crypto broker or dealer authorized to operate in the country.

Only a few countries have managed to make arrangements for Bitcoin exchanges
Because these firms are registered in other countries, Thai authorities are demanding co-operation from these countries and the international community. The goal is to find different ways to reduce illegal activities and protect investors with new regulations. Currently, only a few countries have managed to make arrangements for digital assets and crypto currencies. Switzerland and Malta are just two of the countries that can implement clear regulations for the crypto market. The goal is to fight scammers and protect investors.

The United States is also working to implement crypto-regulations. The market is still in its early years, and regulators need to better understand how these assets work and can affect the entire economy. In 2017, many ICos were released when Bitcoin (BTC) reached its highest price yet. Many of these ICos were scams that were solely aimed at stealing users’ money. For this reason, countries such as South Korea or China have directly banned ICos from taking part in their regions.

 

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.