In a decisive move to combat financial crime online, Thailand has officially banned unlicensed foreign cryptocurrency P2P platforms from operating in the country. This is an important part of the emergency law amendment package recently passed by the cabinet, marking a strong shift in how Thailand controls the flow of digital assets.
🔐 Red alert for foreign P2P exchanges
According to a statement from the Thai Securities and Exchange Commission (SEC), foreign P2P crypto platforms that are not licensed under the Digital Asset Business Act will be considered illegal activities.
❗ Violators may face:
Up to 3 years in prison,
Or a fine of up to 300,000 baht (~8,700 USD),
Or both penalties at the same time.
The law will take effect immediately after being published in the Royal Thai Government Gazette, the official document for new laws in the country.
🧨 Why is Thailand taking strict measures?
The SEC stated the new law is designed to:
Prevent money laundering and abuse of crypto in cybercrime,
Restrict foreign platforms exploiting legal loopholes to evade the law,
Protect Thai citizens from cryptocurrency scams.
Additionally, traditional financial institutions such as banks, telecom operators, and social networks will also be held liable if they do not take risk prevention measures.
For example: If a bank or messaging app is exploited by cybercriminals for scams without preventive measures, they could be held legally liable for the damages caused.
🔎 The state has the right to monitor and block suspicious transactions
With the new law, the Thai government can:
Suspending suspicious transactions,
Requiring digital asset service providers (CASPs) to report activities related to fraud,
Blocking Thai users from accessing unauthorized foreign crypto platforms.
According to SEC Secretary General – Ms. Pornanong Budsaratragoon, the goal is to 'minimize social harm from cybercrime' and enhance coordination between regulators and digital platforms.
💥 The war against financial crime is escalating
This is the next development in Thailand's aggressive crackdown on illegal crypto activities. Just last month:
Thai police raided 5 unlicensed crypto companies in Nakhon Pathom, Samut Sakhon, and #Bangkok
11 people were arrested,
Seized assets related to cryptocurrency transfers worth over 29.3 million USD, believed to be intended for withdrawing money abroad via unregistered wallets.
📈 Still open for legal crypto: Blockchain, ETFs, and government stablecoins
Despite strict controls, Thailand is not completely shutting the door on cryptocurrency. Instead, they are choosing a path of 'opening while regulating':
✅ In January 2025, Ms. Budsaratragoon announced that Thailand needs to 'keep pace with the global trend on crypto', while considering licensing for spot Bitcoin ETF funds to expand regulated investment opportunities.
✅ Thailand is also developing:
A digital asset trading system via blockchain for securities companies,
Reforming the bond market by digitizing the entire process – from registration to payment,
A stablecoin linked to government bonds, ensuring increased stability,
And a Bitcoin payment sandbox in Phuket, aimed at testing crypto tourism this year.
🧭 Impact on Binance users and the global market
For the crypto community – especially Binance users in Thailand or Southeast Asia – this new law brings several points to note:
Do not use unregistered foreign P2P platforms in Thailand, even for individual trades, as this may violate the law.
Prioritize using major exchanges like Binance that are licensed and fully comply with Thai regulations, especially when conducting P2P transactions.
Stay updated on legal information to avoid becoming a victim or being drawn into illegal activities.
🔻 Risk warning: The cryptocurrency market poses many legal and financial risks, especially in countries tightening regulations like Thailand. Users should be cautious, only using reputable platforms and complying with local laws. This article is not investment advice.