Ukrainian crypto holder Viacheslav Leibov was robbed by a group of armed men in Phuket, Thailand, on November 8th. The incident led to a loss of 250,000 USDT and marks the latest in a series of security incidents involving crypto investors across major cities. Armed Robbery According to the report by Bangkok Post, the 23-year-old,...Read More
Thailand’s law authorities recently raided a house occupied by a company running Bitcoin mining operations. According to the South China Morning Post’s coverage, the illegally operated Bitcoin mining activities triggered frequent power outages in the vicinity for over a month. Illegal Bitcoin Mining Operations Bitcoin, the leading cryptocurrency, uses a proof-of-work (PoW) consensus mechanism. This...Read More
A suspect named Zhang has been extradited from Thailand to China for allegedly leading a $14 billion (100 billion yuan) crypto pyramid scheme. He is the first financial criminal to be extradited under the China-Thailand treaty since its inception in 1999. The Ministry of Public Security in China announced that Chinese and Thai officials have...Read More
Malaysian officials have arrested seven people for suspected bitcoin mining operations that involved stealing electricity. The local media, Bernama, reported that the detainees include three Malaysians and four foreigners, who were held separately last week. Electricity Theft in Malaysia In an official statement, the Sepang District Police Chief, ACP Wan Kamarul Azran Wan Yusof, mentioned...Read More
Police are actively searching for four Chinese nationals believed to have broken into a luxury home in Pathum Thani, one of the central provinces of Thailand, and forced the resident to transfer $2 million (70 million baht) in crypto assets. The break-in took place around 2 AM on Wednesday in Tambon Ban Mai in the...Read More
According to the Bangkok Post, the Thai Securities and Exchange Commission (SEC) has given approval to One Asset Management, a local firm, to introduce Thailand’s first Bitcoin exchange-traded fund (ETF). This ETF is exclusively available to wealthy and institutional investors and follows a policy of investing in 11 prominent global funds. A Diversified Approach The...Read More
Thailand’s Securities and Exchange Commission (SEC) has changed its regulations, permitting the creation of private funds that invest in spot Bitcoin exchange-traded funds (ETFs) traded on U.S. exchanges. However, this opportunity is limited to institutional investors and high-net-worth individuals. SEC Amends Spot Bitcoin ETF Rules SEC Secretary-General Pornanong Budsaratragoon disclosed that the decision was reached...Read More
Thailand’s Securities and Exchange Commission (SEC) has filed charges against former Zipmex Thailand CEO Akarlap Yimwilai, accusing him of corruption and deception. The SEC claims that Yimwilai, during his tenure as CEO from August 2018 to November 2023, engaged in fraudulent activities, including making false statements and concealing vital information from the public. Deceptive Asset...Read More
Thailand’s Securities and Exchange Commission (SEC) has ordered cryptocurrency exchange Zipmex to suspend its trading and brokerage services temporarily. According to an official announcement, Zipmex’s services will remain suspended for 15 days until the firm fixes its financial position and operational issues. Zipmex Ordered to Halt Services The SEC revealed that it issued a letter...Read More
Thailand has emerged as a crucial player in the cryptocurrency scene in Asia. This is attributed to the significant adoption rates, a notable increase in digital asset trading volume, a favorable regulatory environment, and a flourishing ecosystem of digital services in the country. Data from CoinGecko on major digital asset exchanges in Thailand, including Bitkub,...Read More
A dispute over Bitcoin investments took a tragic turn when a 35-year-old husband, Kritsada, shot his 31-year-old wife, Pitsamai, leading to a six-hour standoff with the police. The incident unfolded in the Uthai district of Ayutthaya province. Husband’s Bitcoin Loss Leads to Tragedy The incident began when Kritsada, agitated by a loss of 700,000 baht...Read More
Four Chinese nationals and one from Laos were arrested by Thailand’s Cyber Crime Investigation Bureau (CCIB) in connection with a fraudulent crypto investment platform that swindled over 2.7 billion Baht (worth around $76 million) from local investors. According to the report by the Bangkok Post, the individuals duped 3,280 residents after operating a fraudulent scheme...Read More
Thailand’s Minister of Digital Economy and Society (DES) said he might propose to the court to close Meta (previously known as Facebook) to aid the investing of financial scams, including such involving cryptocurrencies. According to him, some fraudsters use the social media platform to sponsor their fraudulent schemes and thus con victims. No More Meta...Read More
Zipmex’s rescue plan could face some challenges as the crypto exchange’s investor is now asking to pay a fraction of its debt, as against the pledge to make a 100% payment. The distressed company is, meanwhile, planning to further extend its creditor protection to seek out new investors. Buyout Proposal for Zipmex Takes a New...Read More
Thailand’s main opposition party is promising an airdrop of about 500 billion baht (around $15 billion) in cash within months of its coming to power. The party official said that the move is expected to help recover the country’s struggling economy and provide relief to those battling “neck-deep debt.” According to a Bloomberg report, a...Read More
Singapore’s lower division of the Supreme Court approved Zipmex’s pre-packaged plan to restructure some of its operations and thus enable customers to receive portions of their deposits. The Thai-based crypto exchange suspended clients’ withdrawals in July last year, citing volatile market conditions. It could not cope with the issues and filed for bankruptcy protection shortly...Read More
On Feb. 7, Reuters reported that the Thai Finance Ministry will waive corporate income tax and value-added tax for firms that conduct initial coin offerings (ICOs) for investment. According to government spokespeople, companies will have access to alternative methods of raising capital through token issuance in addition to traditional methods. The military-backed Thai government estimated...Read More
The Central Bank of Brazil has commenced testing of its central bank digital currency (CBDC) project, expected to foster an increased inclusion of individuals in the financial sector. Also, the Thailand government is willing to offer tax breaks for companies that issue digital tokens for investment purposes. Brazil Kicks off CBDC Pilot According to Reuters...Read More
Thailand’s Securities and Exchange Commission (SEC) has reportedly launched an investigation against the distressed cryptocurrency platform Zipmex. The watchdog will inspect whether the latter breached some domestic rules when offering digital asset services and products. More Problems for Zipmex According to a Bloomberg coverage, the top financial regulator of Thailand will probe the bankrupt Zipmex for...Read More
The FTX collapse spurred action from yet another financial watchdog. The Thailand Securities and Exchange Commission (SEC) is gearing up to impose more stringent regulations on crypto assets similar to that of the global market in a bid to protect investors. According to Bangkok Post, the SEC said that regulators should play a greater role...Read More
Thailand’s Securities and Exchange Commission (SEC) has accused Bitkub, the country’s largest cryptocurrency exchange, and four other offenders of their alleged involvement in wash trading. The individuals will have to pay a fine of over $600,000. Bitkub Involved in Wash Trading Case? According to a press release on Tuesday (September 27, 2022), the Thai SEC...Read More
Thailand’s Securities and Exchange Commission (SEC) prohibited domestic cryptocurrency entities from providing staking and lending services to clients. The ban aims to protect traders and the public from risks related to such activities. The South East Asian country has been active on the digital asset scene lately. At the beginning of the year, the local...Read More
SCBX Pcl – formerly known as Siam Commercial Bank – withdrew its intentions to purchase a 51% stake in the crypto asset firm Bitkub for $500 million. The financial institution said the exchange needs to solve its regulatory issues before going back to the table. Despite being close to shaking hands with Bitkub, the organization...Read More
The Founder and CEO of the Thai-based crypto platform Zipmex – Marcus Lim – said he will stay in charge of the company unless the new major shareholders force him to resign. The firm halted customer withdrawals last month, but the executive vowed to reimburse all affected users. It is safe to say that Zipmex...Read More
The Securities and Exchange Commission of Thailand (Thai SEC) has asked crypto investors in the country to be careful with DeFi transactions, terming them risky. The watchdog argued that local regulators have no control over the up-and-coming industry. Popular but Not Full-Proof In a statement on Wednesday, the financial and capital markets watchdog said DeFi...Read More
The Singapore High Court on Monday granted crypto exchange Zipmex protection from creditors until December 2. Zipmex had asked the court for bankruptcy protection on July 22 and more time for debt restructuring on August 4. Court Order Affects Thai Investors Zipmex operates in Singapore, Thailand, Indonesia, and Australia. After it halted withdrawals last month,...Read More
According to Thailand’s Finance Minister Arkhom Termpittayapaisith, retail investors’ “excessive speculation” in cryptocurrencies may destabilize Thailand’s capital markets. During a capital markets conference on Thursday, Arkhom told attendees that local retail investors in Thailand have been shifting their savings into cryptocurrencies in order to receive “higher returns.” In fact, reports from the country’s Securities and...Read More
Earlier today, SCB TenX (SCB 10X), a holding company in the Siam Commercial Bank group, announced a $50 million allocation towards DeFi startups and digital assets. SCB is one of the oldest banks in Thailand, and its venture arm, SCB 10X, has invested in several digital asset companies including Ripple, BlockFi, and Alpha Finance Labs,...Read More
Far away from western eyes, Asian blockchain projects are thriving. A vibrant ecosystem of public and permissioned chains has sprung to life in Asia, aided by government and big business endorsement of distributed ledger technology (DLT). Many of these chains are virtually unknown outside of the region, yet enjoy high profile partnerships and endorsements in...Read More
Not a day goes by without blockchain technology making some form of a headline. In Thailand, distributed ledgers will play a major role in its Electronic Visa on Arrival project Thailand has been experimenting with these virtual visas for some time now. Thailand Sees Merit in Blockchain The new system will be rolled out very soon. It...Read More
