Thai cryptocurrency platforms have taken significant steps by freezing over 10,000 accounts allegedly involved in money laundering as part of an intensified crackdown on mule accounts. The measures come following the introduction of stricter anti-money laundering protocols that aim to slow down dubious crypto transactions and necessitate enhanced Know Your Customer (KYC) verifications before proceeding with high-risk dealings. According to the Bangkok Post, the Chief Executive of KuCoin Thailand and chairman of the Thai Digital Asset Operators Trade Association, Att Thongyai Asavanund, reported the identification and suspension of these accounts.

In conjunction with previous actions from Thailand’s Securities and Exchange Commission (SEC) and the Trade Association, efforts to combat money laundering and investment fraud relating to digital assets have become more pronounced. For instance, in February 2025, the SEC and the Trade Association collaborated with multiple regulatory bodies to formulate stronger safeguards against mule accounts. This initiative had already resulted in the freezing of almost 48,000 mule accounts in a similar period.

During a training session in February 2025, the SEC was involved with regulatory forces to recognize and rein in suspicious accounts, according to SEC Deputy Secretary-General Jomkwan Kongsakul, who highlighted a collaborative effort to improve industry standards in contending with digital asset mule accounts.

The authorities are now urging for an expanded data-sharing framework among banks, crypto operators, and law enforcement to further hinder transactions to suspected mule accounts. In light of recent developments, Thailand’s regulatory body has also heightened scrutiny of the broader financial landscape, focusing on both physical gold markets and digital assets to close loopholes that facilitate money laundering.