Thai crypto platforms freeze more than 10,000 accounts linked to money laundering
Thai cryptocurrency operators have frozen more than 10,000 accounts suspected of being used for money laundering. The measures are part of a broader campaign against so-called mule accounts, which are used to move illicit funds.
The decision followed the introduction of stricter transaction screening procedures, Cointelegraph reports.
Platforms have begun applying additional Know Your Customer (KYC) checks before processing higher-risk transactions. This allows suspicious activity to be detected at earlier stages. The initiative reflects growing attention from authorities toward financial crime involving digital assets.
New monitoring measures for crypto transactions
Enhanced monitoring tools were introduced by crypto platforms to prevent fraudulent schemes. According to the Bangkok Post, the new procedures allowed operators to identify thousands of suspicious accounts. KuCoin Thailand CEO Att Thongyai Asavanund said the system helps quickly block accounts linked to illegal activity.
He also serves as chairman of the Thai Digital Asset Operators Trade Association (TDO). The association plays a key role in coordinating efforts between crypto companies and regulators. With updated mechanisms, operators now have more tools to track suspicious transfers.
Coordination between regulators and the industry
The current actions are part of a broader campaign against financial crimes. In February 2025, Thailand’s Securities and Exchange Commission (SEC) began cooperating with several government institutions. The initiative includes the Bank of Thailand, the Cyber Crime Investigation Bureau, the Central Investigation Bureau, the Anti-Money Laundering Office, and the Thai Bankers’ Association.
The joint effort aims to prevent investment fraud and illicit transfers of funds. The main focus is identifying accounts used by intermediaries in criminal schemes. Such accounts are often used to move stolen funds.
The scale of the crackdown on mule accounts
According to industry organizations, Thai crypto operators froze 47,692 accounts linked to suspicious activity in 2025 alone. The new measures strengthen the existing oversight framework. Regulators aim to reduce the use of cryptocurrencies in fraud and money-laundering schemes.
Stronger screening is also expected to increase trust in the local crypto market. Authorities view these steps as part of a broader strategy to protect investors. At the same time, crypto companies continue to introduce new transaction-monitoring tools.
Recently we wrote that the total cryptocurrency market capitalization has risen to about $2.38 trillion, gaining roughly 2.3% over the past 24 hours, while the Fear & Greed index climbed to 25, signaling a gradual improvement in investor sentiment.
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