Thailand to block unlicensed Crypto Exchanges

[CharlieH]

 

 

[ukrules]

What are we talking here? Unlicensed Thai exchanges or the major foreign exchanges like Bitstamp, Coinbase, Crypto.com and Kraken?

 

[freeworld]

30 minutes ago, ukrules said:

What are we talking here? Unlicensed Thai exchanges or the major foreign exchanges like Bitstamp, Coinbase, Crypto.com and Kraken?

 

This news from cointelegraph

https://cointelegraph.com/news/thailand-blocks-unlicensed-crypto-exchanges-online-crimes

 

"Thai authorities will block unlicensed crypto exchanges from operating in the country to prevent money laundering and other online crimes. 

Thailand’s Securities and Exchange Commission (SEC) will submit a list of unlicensed crypto exchanges to the Ministry of Digital Economy and Society.

The order was made public by Thai SEC Secretary-General Pornanong Budsaratragoon after the Technology Crime Prevention and Suppression Committee meeting on April 19.

Thailand’s decision to block unlicensed firms was inspired by India and the Philippines, which recently banned all off-shore exchanges that failed to comply with local regulations.

To minimize the impact on the public, the Thai SEC urged crypto investors to withdraw their funds from unregistered platforms before the ban takes effect."

 

Edited April 23 by freeworld

[Freddy42OZ]

On 4/23/2024 at 1:56 PM, ukrules said:

What are we talking here? Unlicensed Thai exchanges or the major foreign exchanges like Bitstamp, Coinbase, Crypto.com and Kraken?

 

Maybe something like this new from the Phillipines.  Posted 15 hours ago.

The Philippines' securities regulator has taken enforcement action against Binance, ordering Google and Apple to remove its apps from their respective app stores. This action follows allegations that Binance offered unregistered securities to Filipino investors.  15 hours ago

I'll be stuck if I can't access my money.

[Peterphuket]

Just now, Freddy42OZ said:

Maybe something like this new from the Phillipines.  Posted 15 hours ago.

The Philippines' securities regulator has taken enforcement action against Binance, ordering Google and Apple to remove its apps from their respective app stores. This action follows allegations that Binance offered unregistered securities to Filipino investors.  15 hours ago

I'll be stuck if I can't access my money.

You don't have a hard wallet?

[ukrules]

12 minutes ago, Freddy42OZ said:

I'll be stuck if I can't access my money.

 

On 4/23/2024 at 2:09 PM, freeworld said:

Thai SEC urged crypto investors to withdraw their funds from unregistered platforms before the ban takes effect

 

There's your solution - withdraw it and use a local exchange.

 

I'm sure they have Bitcoin exchanges, if you must trade the absolute sh@t they have on Binance then do so and move the Bitcoin from there assuming Binance continue to allow to use it.

 

Remember, a 'ban' in any country will generally just cut off the banking system from sending and perhaps receiving wires from Binance but you can still normally use it. If you can't even use it then there are others.

 

[mithunonthenet]

India just reversed the block on Binance.com after Binance executives worked with regulators worked with the finance department and sorted issues out. Why can't Binance do the same in other countries?

[NativeBob]

Thais are obsessive gamblers and often commit transactions through crypto, even buying funny coins and so. That's one reason. But money laundry is very serious issue as well.

Just get yourself cold-wallet and relax

[rexpotter]

A few comments in my ignorance. VPN?

 

Most russians have to first get paid in BTC, than exchange it to USD and the exchange it to THB.

Is this correct?

If so its a good thing.

[stoicccc]

which Thai exchange can a foreigner sign up with?

[beammeup]

They are not making it easy for digital nomads.