Thailand freezes 10,000+ crypto accounts in AML crackdown

Thailand froze 10,000+ crypto accounts suspected of money laundering, using stricter KYC and a "Speed Bump" system to delay and verify risky transactions, boosting oversight in the digital asset sector.

Thailand has frozen over 10,000 cryptocurrency accounts suspected of money laundering, focusing on so-called mule accounts used to move illicit funds. This major crackdown was made possible by stricter Know Your Customer (KYC) protocols, enhanced transaction monitoring, and the introduction of a new "Speed Bump" system that temporarily delays large or suspicious transfers for further verification. These anti-money laundering measures were developed in partnership with the Thai Digital Asset Operators Trade Association and government agencies. The coordinated effort includes exchanges, wallet providers, and financial institutions, aiming to prevent criminal exploitation of digital assets and strengthen market integrity. Authorities note that the frozen accounts represent a small but significant portion of Thailand's active crypto user base. This action sends a clear message about regulatory intent and the country's commitment to combating financial crime in the rapidly growing digital asset industry.