Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingThe Bank of Thailand adopts a multi-pronged approach to track suspicious capital flows
The Bank of Thailand has recently launched a number of measures to strengthen monitoring of suspicious capital flows, including regulating stablecoin transactions and tightening relevant regulations on cash and foreign exchange transactions. The move comes against the backdrop of a Chinese-linked fraud network that continues to transfer large amounts of money through the country's financial system.
The Bank of Thailand is working with the country's Securities and Exchange Commission to conduct audits of large transactions, physical cash and foreign currency conversions involving TEDA (USDT). Central Bank Governor Vitai Ratanakun told local media "The Nation" on July 11 that these measures are aimed at continuing to advance in multiple areas at the same time, rather than solving them once.
Gray economy becomes regulatory focus
Thailand's gray economy consists mainly of cash from unknown or suspicious sources, partly due to the spread of fraudulent call centers across Southeast Asia. There is no exact data to measure the size of such economies, but losses related to fraud-related activities may have reached $3.4 billion in 2025, with an estimated 173 million fraudulent calls and text messages sent that year.
Stable coins have become a common tool for cross-border fund transfers due to their arrival in almost real time. In terms of transaction volume, Thailand's largest cryptocurrency exchange Bitkub handles approximately US$26 million in transactions per day, of which the TEDA currency/Thai baht trading pair is the most active.
Commercial banks will assume broader compliance responsibilities, covering cash processing, foreign currency conversion and gold bar trading. Large currency exchange transactions without a clear commercial purpose will be marked and reported; for cash deposits exceeding 5 million baht (approximately US$150,000), the source of funds must be fully declared.
Complex background behind the crackdown
Thailand's attitude towards digital assets has been wavering. Cryptocurrency trading is still legal, but the central bank has not legalized digital asset or stablecoin payments, and regulators have repeatedly tightened regulations on cryptocurrency companies in the past few years.
An anti-fraud operation was launched in 2025, when the authorities froze 3 million bank accounts in an effort to crack down on money-mule accounts and suspicious financial activities. However, the operation affected thousands of ordinary people and legitimate businesses, triggering public criticism, which was described by the media at the time as a severely out of control.
The latest measures show that Thailand's regulators continue to pursue illegal financial activities despite frictions caused by extensive enforcement actions. At present, officials have not yet clarified the specific timetable for the full implementation of the new stablecoin and cash audit rules.
