Thailand busts illegal e-money firms

By VNA March 3, 2025 | 01:04 am PT

A view of the business district is seen from the rooftop of the Baiyoke Sky Hotel in Bangkok, Thailand on April 29, 2020. Photo by Reuters

Thai police have arrested 11 executives and employees from five illegally operating e-money firms with a combined revenue of approximately 1 billion baht (US$30 million).

According to Major Thatphum Jaruprat, head of the Economic Crime Division (ECD), authorities raided the companies in Nakhon Pathom, Samut Sakhon, and Bangkok after discovering they were operating without licenses.

Investigations revealed that these platforms acted as intermediaries for users purchasing foreign products. Customers were required to register, open e-wallets, and deposit funds via bank accounts linked to the companies, raising concerns over economic losses and potential money laundering.

Thailand’s central bank regulates cryptocurrency-related under the 2017 Payment Systems Act to mitigate risks and protect consumers. ECD investigators confirmed legal violations, and the arrested individuals now face charges for offering unauthorized cryptocurrency services.