Eight sites raided in Bangkok, Chon Buri, and Phuket, and five arrests made.
PUBLISHED: 24 Apr 2025 at 16: 26
In raids on eight areas in Bangkok and two tourist provinces, police have detained five suspects who are involved in improper crypto trading. Some of the suspects are alleged to possess laundered money for drug and smuggling networks.
According to Pol Maj Gen Thatphum Jaruphat, commander of the Economic Crime Suppression Division (ECD ), the crackdown was a part of” Operation Crypto Phantom,” which targets illegal crypto trading companies that are involved in laundering money for illegal businesses.
Last year, eight spots in Phuket, Chon Buri, and Bangkok were raided. According to Pol Maj Gen Thatphum, numerous currency exchange companies in the three tourist cities allegedly provided illegal cryptocurrency trading, mainly Tether ( USDT), to help consumers avoid paying taxes and avoiding financial transaction checks.
” Some businesses have been discovered laundering cash for illegal activities, particularly systems of those engaged in illicit drugs, call center connivance, and online gambling,” according to Pol Maj Gen Thatphum.
More than 1, 000 monetary transactions with links to illegitimate companies, with over 14 billion ringgit in circulation, were discovered by investigators, he added.
Five people were detained by ECD officials during the raids for engaging in illegal blockchain trading. The eight spots also contained computers, cellular phones, bank accounts passbooks, and other items.
The Economic Crime Suppression Division’s captain, Pol Maj Gen Thatphum Jaruphat, discusses the results of a assault on illegal crypto trading in three Thai tourist places. ( Photo provided/Wassayos Ngamkham )