24 Chinese Nationals Arrested in Thailand Over Alleged Bitcoin Scam

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.

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:

  1. The country’s fiat currency, the baht

  2. Or cryptocurrencies that have been approved by the Thai Securities and Exchange Commission

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

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