Thai SEC assesses customer asset risks after Binance incident abroad
The Securities and Exchange Commission has so far found no significant impact on customer assets held by operators in Thailand, based on their reports.
- Thailand's SEC is assessing risks to local customer assets following a cybersecurity incident on an overseas Binance platform.
- The regulator has instructed licensed Thai digital asset operators to monitor the situation, assess impacts, and report on measures to control any damage.
- Initial reports from operators in Thailand indicate that no significant impact on customer assets has been identified so far.
- The SEC clarified the incident occurred on a platform outside its supervision, but it is monitoring licensed domestic operators to protect local investors.
Thailand’s Securities and Exchange Commission (SEC) has been closely monitoring the situation following reports of a cybersecurity incident involving Binance’s overseas platform.
It has coordinated with licensed digital asset operators to assess potential impacts and risks to customer assets and asked them to report to the regulator on measures to control and limit any damage and mitigate the impact.
Based on information operators have reported to the SEC so far, no significant impact has been identified on customer assets held by operators in Thailand.
Operators must safeguard customer assets in accordance with SEC rules, which require digital asset storage systems with appropriate security measures and limits on the amount of assets held in systems connected to external networks to reduce cyber risks.
Operators have reported that they are monitoring the situation and coordinating closely regarding some assets that may be linked to transactions through Binance’s overseas platform.
However, the facts and the extent of any damage are still being examined.
The SEC has instructed the operators concerned to:
- Continue monitoring the situation and assessing risks.
- Check the status and security of customer assets.
- Report to the SEC immediately if they identify any incident that could affect customer assets or the provision of services to customers.
- Provide customers with accurate and timely information if there are any impacts or service restrictions.
The SEC will continue to monitor the situation closely and coordinate with the operators concerned to ensure appropriate risk management and safeguarding of customer assets.
It has asked investors to follow information from the official channels of service providers and the SEC, use only licensed operators, whose names can be checked at www.sec.or.th, and beware of rumours or fraudulent claims exploiting the incident to trick them into transferring assets.
Enquiries can be directed to the SEC Complaint Center on 1207.
The incident involved Binance’s overseas platform, which is outside the SEC’s supervision.
The regulator’s monitoring in this case therefore focuses on licensed operators under its supervision and protecting the assets of investors using their services.
