11 Arrested in Thailand’s Latest Crypto Takedown

Thai authorities have intensified their crackdown on illicit crypto activities, raiding five unlicensed cryptocurrency firms and arresting 11 employees.

Officers from the Economic Crime Suppression Division (ECD) executed search warrants across Nakhon Pathom, Samut Sakhon, and Bangkok, uncovering a network of illegally operated e-money businesses.

ECD commander Thatphum Jaruprat confirmed that those arrested included both executives and lower-ranking staff, with police seizing six computers and other evidence.

Investigators determined the firms facilitated unauthorised cross-border investments, handling approximately one billion baht ($29.3 million) in annual transactions.

The companies allegedly acted as intermediaries, requiring customers to transfer funds into e-wallets for purchasing foreign investment products—an operation that violated Thailand’s strict financial regulations.

Under the 2017 Payment System Act, all forex-based e-money businesses must register and obtain licenses, a requirement the firms failed to meet.

Authorities warn that such unregulated operations pose money laundering risks and contribute to capital flight, harming the economy.

The 11 suspects now face charges for providing unlicensed electronic money services, marking yet another enforcement action against illegal crypto activity in Thailand this year.

Thailand Ramps Up Action Against Crypto Crimes

In January, Thailand’s Cyber Crime Investigation Bureau proposed banning Polymarket, citing concerns that the crypto-based prediction marketplace poses “economic and social risks.”

More recently, Thai and Chinese authorities collaborated to freeze $2.5 million in cryptocurrencies, following the arrest of two Chinese nationals on fraud and human trafficking charges.

Just today, reports highlighted that Thailand has seen one of the sharpest global increases in investment-related complaints, with law enforcement receiving over 1,000 data requests from crypto exchanges in the past three years.

While these actions may suggest a broader crackdown on crypto, Singapore-based intergovernmental blockchain advisor Anndy Lian argues that Thai authorities are primarily targeting criminal actors.

He said:

"You’ve got the Cyber Crime Investigation Bureau (CCIB) working with folks like Binance to bust pig butchering scams—those nasty romance-investment hybrids that have ripped off millions.”

He pointed to major operations such as Trust No One, which led to high-profile arrests and substantial asset seizures, followed by The Purge, which achieved similar results last year.

He added:

“Then there’s the raids on illegal mining ops in places like Chachoengsao and Surat Thani, where they caught people stealing electricity to power their rigs. That’s another sign they’re keeping an eye on shady crypto activities.”

Lian emphasized that Thailand’s approach is focused on combating fraud, extortion, and financial crime rather than restricting crypto itself.

However, the country maintains a strict zero-tolerance policy for platforms that operate without proper registration from the Thai Securities and Exchange Commission.

He explained:

“The SEC’s been pushing to block unlicensed exchanges too, like they did with Bybit and others last year, but that’s more about regulating the space than shutting it down.”