Thai SEC to Bring A New Ban on Crypto Operators, These Activities Are Prohibited
As the cryptocurrency market gains more maturity, the Securities and Exchange Commission of Thailand is initiating new measures regarding the working of crypto operators.
Reportedly, the Thai SEC is looking to ban or prohibit crypto operators from offering digital asset depository services as well as on the platform’s payment of returns on cryptocurrencies deposited by users and used for lending or reinvesting.
The Thai SEC said that these measures will help protect the traders and retail investors. The recent development comes in the wake of liquidity problems faced by exchanges earlier this year. Also, several crypto lenders, who promised higher interest rates to depositors, faced bankruptcy following a brutal crash in the crypto market. The Thai SEC has proposed the following:
- Prohibit crypto business operators from taking deposits of digital assets and further using those digital assets to borrow and invest to pay the depositors.
- Prohibiting advertising or soliciting the general public or conducting any activities that would support deposit-taking or lending services.
- Prohibiting the digital business operators from accepting digital assets and paying returns to the depositors.
Thai SEC’s Regulatory Measures
The Thai SEC has swung into action following the liquidity problems faced by crypto exchange Zipmex back in July 2022. Back then, Zipmex which had a strong presence in Southeast Asian countries had halted deposits and withdrawals on the platform.
Since then the Thai SEC inquired about the potential losses faced by the public. It also took feedback from the impacted Zipmex users via an online forum. Although the withdrawals from Zipmex resumed quickly for its Thai customers, it has left the SEC in a state of concern. Last week, the Thai SEC also filed a police complaint against crypto exchange Zipmex.
Zipmex exchange assured that they are working with the regulators to fully comply with necessary standards and security measures.
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Eyes $250 as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
