Thai SEC Issues Public Warning To Avoid Unlicensed Crypto Trading Platforms, Namely Q Exchange
The Thai Securities and Exchange Commission (SEC), one of the main financial regulators in the country, has been working lately to ensure that the investors of the country are properly protected.
In one of its most recent actions, the Thai SEC has warned the citizens of the country not to use any unlicensed exchange in the country due to the uncertainty that the kind of investment that these companies are offering is legitimate.
The Thai SEC has also told a crypto exchange of the country to cease advertising and to stop its activities as it was not regulated. The authorities have officially affirmed that they do not endorse the “Q Exchange”, a South Korean and Thai joint venture, and that this initiative was not, in any way, regulated by the laws of the country.
These developments appear after a royal decree was made in May and it declared that crypto businesses like exchanges and Initial Coin Offerings (ICOs) which are in the country have to seek permission and register with the authorities before they legally start working.
The effort would be a way to stop scams and unqualified exchanges to work within the country and, therefore, to make investors safer, as the government would have an official list of the platforms and the means to stop the ones who do not have the necessary infrastructure to be working within the country.
According to the reports, the first licensed platform will appear before the end of November and more platforms are to come until 2019. These measures were taken as many people in the country started to call out for a market that would have a tighter regulatory control over the exchanges that operate within the country now.
About The Q Exchange
This Korean-Thai company was reported to offer about ten cryptocurrencies, which included the two top cryptos by market capitalization: Ethereum (ETH) and Bitcoin (BTC). The exchange also had solid plans to launch its own token, the “Q Token” by October 25, but that did not happen.
While the exchange appeared in several new sources at its launch, no one was actually able to find online presence of the company, which might mean that it was a scam.
The SEC has informed the public that they should not invested in the Q Exchange as it represented a huge unlicensed operator that could cause problems for the investors. According to them, the public should be cautious whenever engaging with digital platforms that are not lawfully protected by the SEC.