Thai SEC Cautions Citizens About 14 Crypto Companies Who Are Soliciting Blockchain Assets

Thai SEC Warns Citizens Against 14 Crypto Companies

The Securities and Exchange Commission (SEC) of Thailand has recently warned the public against a total of 14 websites whose operators have been soliciting customers for buying and selling cryptos and related products. According to the regulator, these companies are simply not authorized to conduct any kind of crypto business in the country.

At the moment, only a small total of seven companies have been temporarily approved for having their crypto operations set in Thailand and made for Thai people, so most of these companies are unregulated and unlicensed and this can greatly improve the risks that someone has when dealing with these shady companies.

Unlicensed Companies

According to the information released by the Thai SEC, there are a total of 14 crypto-related sites operating in the country right now. The commission has explained that it has received many complaints about these companies and that they are encouraging the public to buy and sell crypto using their services via social media.

The SEC has affirmed that people should be extra cautious when they purchase or sell digital assets and that they should always try to seek information about the companies that will support them in trading tokens and see if they are really regulated by the country.

According to the Thai SEC, the companies that are operating illegally in the country are as follows:,,,,,,,,,,,,, and R Exchange’s Facebook page.

Some of these companies decided to remove their crypto offerings after the warning was sent out.

Licensed Companies

A total of only seven exchanges will be allowed to conduct business in the country. Most of these companies are still in their trial phase and will only start to receive their full approval after some time. The idea is that these companies will operate temporarily to see if they deserve the full grant, then they will only have to continue to keep their standards of quality.

According to the site of the regulator, these companies are: Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). All six operate as cryptocurrency exchanges. Also, Coins TH has been temporarily approved as a crypto dealer.

Some of these companies are in pretty advanced stages of their businesses. Tdax was recently rebranded a Satang Pro and it is planning to launch a new wallet service that would allow customers to buy, sell tokens and pay for their utility services using their wallets and mobile phones. Coin Asset has recently launched its own token and has plans for a global expansion soon.

Another of these companies with plans to issue its own tokens is Bitkub Capital Group Holdings, which also intends to increase the number of supported coins by 20 at the end of the year.

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