Thailand's SEC Issues Warning Against 14 Unauthorised Websites

Nov 27, 2018 at 15:41 // News
Author
Coin Idol
The Thai SEC revealed that people behind the 14 websites have for long been advertising precious investment opportunities via these web pages.

The Thailand Securities and Exchange Commission (SEC), a financial watchdog, has issued a warning concerning 14 websites. The Thai SEC revealed that people behind the 14 websites have for long been advertising precious investment opportunities via these web pages.

The websites are used as a medium to trade cryptos and other products, according to the Thai SEC, and the operators weren't authorized to carry out cryptocurrency business in Thailand.   

The Watchdog Only Approved 7 Firms   

Only 7 firms are temporarily approved to conduct cryptocurrency-related activities in the country. The approved companies include:

  • Satang Corporation (Tdax),

  • Bitcoin Co. Ltd. (Bx),

  • Southeast Asia Digital Exchange Co. Ltd. (Seadex),

  • Bitkub Online Co. Ltd,

  • Coin Asset Co. Ltd and

  • Cash2coins.

  • OnlyCoins Th, is operating on a temporary approval.

The Thailand SEC said that it has been getting many complaints related to these businesses, especially from victims of scams. The victims were persuaded to purchase and sell cryptos on the platform through an attractive social media advertisements.   

Web Names   

According to the Thailand SEC, the identities of these 14 websites are:

  • Exchangercoin.com,

  • Gamershoppings.com,

  • i-exch.com

  • ecurrencythailand.com

  • emoneythai.com

  • R Exchange's Facebook page

  • Payniex.com

  • Egtexchange.com

  • Inwexchanger.com

  • ecurrencyplus.com

  • Superrichexchanger.com

  • Digicardshop.com

  • Thaiexchanger.com and

  • Misterchanger.com

Nevertheless, some of the above-listed websites have removed their cryptocurrency products after receiving the warning.   

One of the companies above was claiming to be offering seven Cryptos including Bitcoin, Ethereum, Litecoin, Stellar, Bitcoin Cash, Ripple and Ethereum Classic. It also had a withholding tax of 15%. 

However, in an effort to make the industry stronger, the Thai SEC was planning to create a more solid committee of ICO experts to effectively oversee ICOs and all ICO portals, as Coinidol reported in August this year. It went ahead to uncover the total number of applications it got from different firms willing and able to run ICO portals in Thailand.