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Operators of cryptocurrency platforms in Thailand have frozen over 10,000 accounts, as the wallet owners are suspected of laundering illicit funds. The reason for the account suspensions stems from new regulations imposed by authorities, which have intensified the crackdown on so-called “mule accounts”—accounts involved in schemes to legitimize criminal proceeds.
The accounts were frozen in accordance with the recently implemented Speed Bump measure, which blocks transactions of 50,000 baht and above (approximately $1,583) for a period of 24 hours. During this time, users must undergo additional verification under the “know your customer” (KYC) principle, such as video verification, and only after this process will the funds be released.
According to Att Thongyai Asavanund, the chairman of the Thai Digital Asset Operators Association (TDO), this measure aims to hinder the rapid withdrawal of funds by criminals.
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“Criminal organizations typically distribute illicit funds across numerous bank accounts and then consolidate them into a single wallet for transfer to a cryptocurrency platform. Subsequently, the funds are swiftly converted into digital assets and withdrawn abroad. Speed Bump is designed to slow down the pace relied upon by criminal networks,” explained the head of TDO.
However, the association acknowledged that these measures create inconveniences for businesses and their clients. Companies are facing increasing costs for compliance and operational burdens, while clients experience prolonged transaction processing times, mandatory wallet registrations, and additional identity verifications. Criminal groups are attempting to circumvent these measures by recruiting new individuals to open substitute accounts after the old ones are blocked.
The Securities and Exchange Commission of Thailand (SEC) has begun to strictly enforce the “Travel Rule” since last year. Under this rule, licensed cryptocurrency service providers are required to collect and transmit identifying information about the sender and recipient of transactions involving digital assets—especially for transfers between wallets via exchanges.
Previously, the SEC announced that in collaboration with law enforcement, the Bank of Thailand, and two associations—banking and digital asset operators—they managed to freeze 47,692 suspicious accounts in 2025.
