thai police arrest bitcoin scam
24 Chinese Nationals Arrested in Thailand Over Alleged Bitcoin Scam
December 6, 2019
thai police arrest bitcoin scam
24 Chinese Nationals Arrested in Thailand Over Alleged Bitcoin Scam
December 6, 2019

Thai immigration officials have arrested 24 Chinese nationals who were running an alleged cryptocurrency scam call center in Bangkok.

On Dec. 2 an official announcement cited that the Immigration Bureau of the Royal Thai Police arrested:

24 individuals, seized 61 laptops, 424 mobile phones and several routers. 

The alleged scammers would lure Chinese investors to buy Bitcoin (BTC), in misleading rates in order to make a profit.  

More Uncovering Of Telecom Scams By Thai Police

Earlier, Immigration police raided a stock speculation scheme run by Chinese teenagers. 54 minors were reportedly arrested at a Thai resort hotel for duping Chinese-based investors into investing in fraud stocks. 

The scammers reportedly had a target to raise 5 million Thai baht ($165,000) from investors that they met in internet chat rooms. Police are still in pursuit of the operation’s organizer.

Crypto Trading In Thailand Comes With Conditions

While trading cryptocurrencies in Thailand is legal, the country has a regulatory framework and compliance standards for the crypto industry.

ALSO READ :  People’s Bank of China to Hire Six Technology Experts for Helping Launch its Digital Currency

Both issuances of tokens and the trading of cryptocurrencies in a secondary market are regulated by law under a series of decrees.

In cryptocurrency exchanges, acceptable trading pairs for cryptocurrencies are either in:

Additionally cryptocurrency-related business must be considered a financial institution under the country’s Anti-Money Laundering, Countering the Financing of Terrorism and Know Your Customer Regulations.

Source: Cointelegraph | Immigration Bureau of Thailand
Image: Shutterstock | ImmigrationBureau of Thailand


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin car, the car branded with the Bitcoin logo, will be racing in circles against 32 others in this month’s Indianapolis 500. It has been reported by Jack Mallers, the CEO of Zap, that US racing driver Ed...

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.