SEC Of Thailand Warns Crypto Investors About Latest Scam Using Non-Authorized Exchanges
The Thai Securities and Exchange Commission‘s (SEC), the financial watchdogs of the country have warned the citizens about a new form of investing scam. I this scam, a false entity who is pretending to be a regulated legal digital currency trading firm accosts traders into investing with it.
Lt Co Woranan Silam who is a spokesman for the Department of Special Investigation requested the SEC to warn the public saying FX Trading Corporation is not authorized to trade in digital currencies as claimed. Many other companies are also involved in the fraud. This scam is widespread that even an estimate of how much money the public has lost is very hard to get.
The financial regulators say that they have permitted only three companies to operate digital assets businesses, namely Bitcoin Co (www.bx.in.th), Bitkub Online Co (www.bitkub.co.th) and Satang Corporation Co (www.satang.pr). Apart from this, Coins TH Co (www.coins.co.th) is the only accredited digital currency broker.
Silam even made a plea to other international financial watchdogs from across the globe given the global flavor of the scam stating that the Thai legal authorities might require cooperation from regulators from other countries to lend in their inputs as and when required.
The SEC is not the only government organization in Thailand to be interested in cryptos. In an attempt to improve the income, quality of life, and competitiveness of ordinary people in the society, Thailand’s Digital Economy and Society Ministry (DE) intends to use innovative technologies like blockchain in developing mobile applications and e-commerce solutions over the next three months.