Thailand SEC Warns Public Against Unauthorized ICOs

The SEC in Thailand has issued a warning against nine ICOs. This comes in the wake of an investigation which showed that the offerings were not authorized by the commission.


The U.S. SEC isn’t the only regulatory body keeping a close eye on ICOs. According to the Bangkok Post, Thailand’s Securities and Exchange Commission (SEC) is also working hard to ensure that crypto platforms in the country are adhering to regulations when it comes to raising funds.

Earlier this year saw the country issue its ICO guidelines. Failure to abide by these would result in prison and fines for the guilty parties. However, it seems as if some platforms aren’t concerned about these consequences.

Thailand Authority Warns of Pyramid Schemes

There are reportedly nine ICOs that are being promoted via social media platforms, none of which have the required authorization. Based on this, the SEC has stated that the below offerings have high investment risks:

One of the ICOs listed, OneCoin already has an infamous reputation in the global cryptocurrency community. Branded a Ponzi Scheme and allegedly leaving 400 scammed victims in its wake, OneCoin has been warned against by governments all over the world. The Monetary Authority of Singapore even issued a warning against this platform back in 2016. Live Bitcoin News has also previously reported on the woes of OneCoin.

The SEC went on to warn the public about the dangers that unauthorized ICOs present such as pyramid schemes through promises of positive returns on investments.

Platforms Following Clear Processes

Thailand’s SEC is also assessing the applications of six companies seeking to operate as exchanges. These are:

In addition, there are two companies that have requested licenses to operate as digital asset dealers. They are Coins TH Co (coins.co.th) and Digital Coin Co Ltd (thaiwm.com). Though not yet approved, regulations state that these platforms are still allowed to operate because of when they actually submitted their applications.

These clear regulations from Thailand come at a time when other countries are still scrambling to develop guidelines. By providing platforms with clarity and processes, both the authorities and the potential businesses are on the same page.

Do you think that the public will heed the warning of the SEC as the industry continues to gain interest? Let us know in the comments below!


Images courtesy of Pixabay and Shutterstock

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