Thailand’s financial and cybercrime watchdogs took action on Friday when the Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB) launched a joint raid against a Worldcoin iris scanning site in Bangkok.
According to a press release by the SEC, authorities arrested suspects accused of “running a digital asset exchange without a license.” The operation targeted violations of Section 26 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), which mandates all digital asset businesses in Thailand to be registered.
Breaching this rule triggers criminal penalties under Section 66 of the same decree. Officials confirmed that the raid was coordinated to limit the risks of fraud and money laundering for users interacting with Worldcoin platforms operating outside the law.
Investigators on the scene took suspects into custody, and further enforcement steps are now underway. The exchange service was flagged for violating rules outlined in Section 3, which defines what counts as digital asset business in Thailand.
According to Thai law, any activity matching this definition must follow strict licensing procedures.
SEC warns public about illegal Worldcoin activity
Before the arrests, the SEC had already issued a warning to the public about unlicensed operations tied to Worldcoin, advising people to avoid exchanging WLD tokens through platforms not approved by Thai regulators. The SEC’s surveillance unit had been tracking various operators suspected of violating the licensing requirement. Their monitoring focused not only on trading activity, but also on how Worldcoin and other coins were promoted and marketed inside the country.
During a press conference held the same day as the raid, SEC Deputy Secretary-General Jomkwan Kongsakul said, “This collaboration will enhance the effectiveness of law enforcement in prosecuting and suppressing unlicensed digital asset businesses, while protecting users from lack of legal protection and mitigating risks of scams and money laundering.”
The agency reminded operators that anyone promoting crypto or offering digital asset services in Thailand must comply with the existing rules or face prosecution.
Government starts crypto-to-baht tourist pilot
While the crackdown on Worldcoin continues, the Thai government is also testing a new pilot program to allow foreign visitors to convert cryptocurrency into baht. The program launched Monday and will run for 18 months, according to Finance Ministry permanent secretary Lavaron Sangsnit.
He said conversions will be limited to 550,000 baht (about $16,949.15) to prevent abuse and detect money laundering. The conversion must go through registered Thai exchanges and then into digital wallets, which can be used to pay local businesses.
“This project will support tourism,” said Finance Minister Pichai Chunhavajira, noting that the move could help boost tourist spending.
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Source: https://www.cryptopolitan.com/thailand-sec-ccib-raid-worldcoin-site/
