Thailand Police Arrests 24 Chinese Citizens for Bitcoin Scam

Thailand police arrested 24 Chinese nationals who ran a fraudulent Bitcoin scam call center in the Rama III neighborhood of Bangkok.

06 December, 2019 | AtoZ Markets – According to an official announcement, Thailand police busted a crypto call center scam in Bangkok, arresting 24 Chinese nationals. The members of the organized racket borrowed a house in the country’s capital city to handle their suspicious operation.

Thailand Police Arrests Chinese for Bitcoin Scam

Members of the organized scam attracted nationals from mainland China to trade digital currency on Huobi Global crypto exchange, according to Thai police statement released on Wednesday. This call center scam is reportedly underway since March of this year.

In addition to the Chinese national, the police also suspect the involvement of the Thai national, but no arrest of Thai citizens have yet been made. Thai police seized more than 500 mobile phones and dozens of computers from the house. And the house was located where the perpetrators headed the call center.

However, the police did not reveal any figures for the losses associated with the scam. The report also points out that Thailand is one of the hotbeds of call center scams. That also involves stock market speculation.

Meanwhile, in China, the government last year banned all crypto trading platforms as well as initial coin offerings. The country’s traders have found a loophole in the system to engage in digital asset trading. They buy USDT stablecoin at over-the-counter (OTC) counters and move them to the exchanges to trade digital currencies.

Despite the government’s ban, multiple encryption companies are operating illegally in China. The law enforcement agencies of Schengen recently identified 39 illegal cryptocurrency companies operating in the region.

Besides, with the hype about the Chinese adaptation of cryptography after a speech by President Xi Jinping, the Chinese central bank had to go out. It had to clarify its position on the blockchain and cryptography. And it also revealed its intention to crack down on the crypto trade.

Read More: Deutsche Bank Says Crypto Will Replace Fiat Currency By 2030

The Cryptocurrencies Trading Is Legal in Thailand

Although the cryptocurrencies trading in Thailand is legal, the country has a regulatory framework and compliance standards for the industry.

A series of decrees regulate the issue of tokens and the trading of cryptocurrencies on a secondary market. In cryptocurrency exchanges, acceptable currency pairs for cryptocurrency trading are the country’s currency of fiat, the baht, or cryptocurrency. Thailand’s Securities and Exchange Commission has approved that.

Besides, cryptocurrency-related activities should be considered as a financial institution under the national anti-money laundering regulations, countering the Financing of Terrorism and KYC Regulations.

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