Thailand’s financial watchdog — Thai SEC has recently released a warning, regarding 14 websites. The regulator made it known that those behind these 14 websites have been advertising high yield investment opportunities through the web pages.
Thai SEC Only Approved Seven Companies
According to Thai SEC, the websites are being used as a channel through which cryptocurrencies and related products are being bought and sold. The regulator further made it known that these operators are not authorized to conduct crypto business in the country.
According to a previous press release from the regular, only seven companies are temporarily approved to run crypto related operations in Thailand.
The regulator has also made it known in its recent warnings that none of these 14 websites is part of the temporarily approved crypto operations.
Based on information sourced from the regulator’s website, six of the approved entities are crypto exchanges while one is a crypto dealer.
The approved 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). OnlyCoins Th, has been temporarily approved as a crypto dealer.
The regulator also made it known that it has received complaints about these businesses from victims of these fraudulent operators. According to the report, these victims are been encouraged to buy and sell cryptocurrencies on the platform, via well placed social media adverts.
Website Names
The names of the 14 websites according to the Thai SEC are payniex.com, misterchanger.com, thaiexchanger.com, egtexchange.com, digicardshop.com, superrichexchanger.com, emoneythai.com, i-exch.com, exchangercoin.com, gamershoppings.com, ecurrencyplus.com, ecurrencythailand.com, lnwexchanger.com, and R Exchange’s Facebook page.
It is, however, important to note that, as a result of the commission’s warning, some of the listed websites have removed their crypto related products.
According to the warning report, one of the mentioned websites recently made it known, that “it is now offering the exchange of seven cryptocurrencies — BTC, BCH, ETH, ETC, LTC, XRP, and XLM.”
The website also made it known that a withholding tax of 15 percent will apply.
