SEC cracks down on 30,000 mule accounts laundering money via crypto

Anek Yooyuen, deputy secretary-general and spokesman of the SEC, said the commission has joined forces with the Bank of Thailand (BOT), the Anti-Money Laundering Office (AMLO), and Cyber Crime Investigation Bureau (CCIB) to curb scams and online fraud involving mule accounts.

Fraudsters typically open mule accounts with local banks and then quickly convert baht into cryptocurrencies for overseas transfers. Anek stressed that rapid information-sharing among agencies is crucial to disrupt such activities before funds can be moved abroad.

The SEC has asked cryptocurrency exchanges to monitor suspicious accounts flagged by cyber police and related agencies. In 2025 alone, authorities froze transactions of 31,216 mule accounts categorised as “grey” and “black,” with a total value of 229 million baht.

From January 1 to September 15, 2025, the SEC’s hotline received 6,354 fraud reports, resulting in the closure of 3,036 accounts by platforms in coordination with state agencies. Platforms were able to block transactions within 7 minutes to 48 hours.

Addressing recent speculation about Bitkub being hacked, Anek confirmed that customer assets were not affected. However, he said the SEC is still verifying the accuracy of the company’s reporting and has reminded operators to ensure strict compliance.

Separately, Anek explained the Tourist Digi Pay project, a sandbox initiative by the SEC, AMLO, and the Ministry of Tourism and Sports. The scheme will allow foreign visitors to convert digital assets into baht via an e-money app for convenient spending in Thailand.

Large retailers will be capped at 500,000 baht per month in crypto-to-baht transactions, while smaller shops may process up to 50,000 baht.

The project, jointly supervised by the SEC (digital assets) and BOT (e-money), is expected to launch in November 2025 to support tourism and stimulate Thailand’s digital economy.