Thailand crypto platforms freeze 10K accounts in AML crackdown: Report
Thai cryptocurrency platform operators have reportedly frozen more than 10,000 accounts suspected of being used to launder illicit funds, as the country steps up efforts to crack down on so-called mule accounts.
The freezes followed the rollout of stricter screening measures aimed at slowing suspicious crypto transfers and requiring additional Know Your Customer checks before higher-risk transactions are completed, according to local reporting from the Bangkok Post on Tuesday.
The tighter process helped operators identify and freeze more than 10,000 suspected mule accounts, Att Thongyai Asavanund, chief executive of KuCoin Thailand and chairman of the Thai Digital Asset Operators Trade Association (TDO), told the Bangkok Post.
The move builds on earlier efforts by Thailand’s Securities and Exchange Commission and the TDO to curb money laundering and investment scams involving digital assets. In February 2025, the SEC said it had worked with the TDO, the Bank of Thailand, the Cyber Crime Investigation Bureau, the Central Investigation Bureau, the Anti-Money Laundering Office and the Thai Bankers’ Association to establish additional safeguards against mule accounts.
That effort led to Thai digital asset operators reportedly freezing 47,692 mule accounts in 2025.
The TDO represents licensed digital asset operators in Thailand, including exchanges and brokers.
Cointelegraph has contacted the TDO for comment on the total value of frozen funds but had not received a response by publication.
Related: Thailand approves crypto as underlying assets in derivatives markets
SEC, TDO team up to fight mule crypto accounts
During the February 2025 workshop, the SEC and TDO joined other regulators, police agencies and banking groups to develop additional measures for identifying and restricting suspicious accounts.
“The SEC and the TDO have jointly developed guidelines for monitoring and investigating suspicious accounts,”SEC Deputy Secretary-General Jomkwan Kongsakul said at the time.
“In today’s meeting, apart from enhancing industry standards to tackle digital asset mule accounts, we have issued measures for addressing different types of mule accounts within an expedited timeframe,” she added.
The agencies also agreed to expand data-sharing guidelines among crypto operators, banks and law enforcement agencies to help prevent transfers to suspected mule accounts.
Related: Bithumb faces possible six-month partial suspension in South Korea
The latest reported freezes come as Thailand launched a campaign against so-called “gray money,” tightening oversight across physical gold markets and digital assets to close money-laundering loopholes, Cointelegraph reported on Jan. 13.
For crypto activity, the government ordered the SEC to strictly enforce the Travel Rule, requiring licensed crypto asset service providers to collect and transmit identifying information about the sender and recipient of certain digital asset transactions, particularly in wallet-to-wallet transfers facilitated by exchanges.
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US PPI report to test Bitcoin, gold and Nasdaq as December rate hike looms
Nvidia falls to its lowest valuation in 14 years! "Super bull" Tom Lee calls for bottom fishing, retail investors are buying more as it drops, but Wall Street is divided
After the market opened on Thursday, retail investors went against the trend and bought up Nvidia, with net purchases reaching $111 million in just half an hour, setting a record for the same period. Investors such as Tom Lee have publicly supported the company, with institutions optimistic about strong order backlogs extending to 2028, robust revenue growth, and opportunities created by declining valuations. Meanwhile, institutions like Bernstein and Goldman Sachs have become more cautious about Nvidia's outlook, with concerns focusing on management succession and technological leadership following Jensen Huang's departure.
Jane Street boosts Fidelity Bitcoin ETF stake 8x in Q3, trims BlackRock IBIT
From SpaceX to Anthropic, the market has new strategies for dealing with tech giants' IPOs
The market's response strategies to major listings are currently centered around "index inclusion expectations": the new regulations allow mega IPOs to be included in the six major indices within 15 days, triggering concentrated buying by passive funds. Investors are positioning themselves in advance and using options to hedge and amplify buying power. However, Anthropic has a free float of only about 6%; shares available for sale by employees on the first day and privately placed shares with no lock-up period may create supply pressure. On the other hand, index arbitrageurs are facing a rare opportunity.
Crypto prices
More
