Thai crypto operators freeze over 10,000 accounts linked to money laundering

All manner of crypto crime has found its way into Thailand. On one hand, money laundering is at an all-time high; on the other hand, scammers are running insider trading scams on the street.

News from Bangkok reports that Thai crypto platform operators have frozen more than 10,000 accounts suspected of being used to launder illegal funds. This comes amid the country’s efforts to crack down on so-called mule accounts.

The freeze is under the newly implemented “Speed Bump” measure, according to the Thai Digital Asset Operators Trade Association (TDO).

Thai crypto operators freeze so-called mule accounts

As told by Att Thongyai Asavanund, chief executive of KuCoin Thailand and chairman of the TDO, mule accounts remain the biggest risks in the crypto system. “We may see the wallet address and the movement on the blockchain, but we often do not know who actually controls it,” he said.

The development is the latest in a series of efforts by Thailand’s Securities and Exchange Commission and the TDO to combat money laundering and investment scams using digital assets.

In February 2025, Thailand’s SEC said it had collaborated with the TDO, the Bank of Thailand, the Cyber Crime Investigation Bureau, the Central Investigation Bureau, the Anti-Money Laundering Office, and the Thai Bankers’ Association to implement additional protection mechanisms for mule accounts.

According to a report by Cryptopolitan, Thailand’s SEC derivatives market is adding digital assets and carbon credits to the list of underlying assets available for derivatives under the Derivatives Act B.E. 2546 (2003).

This comes after the Cabinet Meeting on February 10, 2026, which approved the Ministry of Finance’s recommendation to promote the growth of the Thai derivatives market in line with global trends. 

Mule accounts hit exchanges’ operational costs

From the onset, Thai digital asset operators froze 47,692 mule accounts. However, with the success comes new problems the TDO must sort out. As reported, a critical limitation lies in identifying the true beneficial owner behind the frozen wallets.

However, operators now face increased compliance costs and operational complexities in dealing with frozen accounts and investigating suspicious transactions. On the other hand, Criminal groups are also seeking ways to circumvent controls by using new individuals to open new accounts once the old ones are blacklisted.

However, TDO is collaborating with the authorities to enhance controls within the system. This includes connecting the dubious lists to the Bank of Thailand’s payment system and to law enforcement agencies to screen high-risk individuals across different risk levels.

In addition, the industry has implemented the Travel Rule, which requires the disclosure of sender and recipient details for crypto transactions.

Crypto ‘insider’ in Thailand targets unsuspecting victims

Thai regulators are also cracking down on insider trading in crypto circles. Kampanat “Jom” Vimolnoht has been running a series of scams on investors in Bangkok, Singapore, Ho Chi Minh City, and California. The investors, who thought they were investing in legitimate deals, allocations, and contracts, are now aware that it was all a ruse.

The scam was spread through exclusive channels, including Telegram, WhatsApp, and private investors’ groups.

Jom Vimolnoht was a master of playing the insider role, as he not only offered investors allocations, agreements, and deals but also offered his friends and associates opportunities in various deals, including Monad, Babylon, Linera, and others, claiming he was connected to the projects.

However, as the vesting milestones approached, the investors were informed of the delays, but then communication stopped, and the founders of the projects, who were directly contacted by the investors, denied any affiliation with him, claiming they had spoken to him only informally.

KXVC, the company, issued a brief announcement, stating that it does not raise external funds and that it has not “ever authorised any individual to act on behalf of KXVC” to receive any transfers from investors into personal bank accounts. The company has also issued a statement claiming that Vimolnoht left in March 2025.

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