Bangkok: Pracharak Building, Central Investigation Bureau (CIB) The Commander of the Technology Crime Suppression Division announced the results of “Operation Crypto Phantom,” which targeted an illegal digital asset exchange network with a circulation exceeding 14 billion baht.
According to Thai News Agency, Pol. Maj. Gen. Thatsaphon Charuprat, alongside key officers from the Technology Crime Suppression Division and the Economic Crime Suppression Division, revealed the operation’s outcomes. The operation, named ‘Crypto Phantom: Unmasking Illegal Coin Exchange Shops’, sought to dismantle a network involved in kidnapping, robbery, ransom, and money laundering. With a circulation surpassing 14 billion baht, law enforcement searched eight locations across Phuket, Chonburi, and Bangkok, uncovering substantial evidence.
The police raids, conducted under warrants issued by various provincial courts, targeted commercial buildings and digital asset exchange companies. Among the notable discoveries were a significant number of circular objects resembling cryptocurrency coins, seized from a safe in a Phuket shop. Authorities are currently investigating the material composition of these objects, which could potentially be gold coins.
Pol. Lt. Col. Tassaphon highlighted the evolving nature of cybercrime, with groups such as call center gangs and online gambling networks increasingly utilizing digital currencies to obfuscate financial trails. Cryptocurrency, particularly through unlicensed exchanges, has become a favored tool for money laundering. The government’s recent issuance of the Digital Asset Business Act (No. 2) aims to regulate digital asset operations, yet none of the inspected shops possessed the necessary licenses from the Securities and Exchange Commission (SEC).
Division 3 of the Economic Crime Suppression Division discovered that money exchange shops in Bangkok, Chonburi, and Phuket were discreetly offering digital asset exchange services, notably USD Tether (USDT) transactions. These operations bypassed authorized exchange centers, facilitating financial transaction evasion and tax avoidance. The illicit network, primarily serving foreign clients from Russia and China, was linked to over 1,000 transactions involving more than 425 million USDT.
Pol. Col. Thirapas reported that five offenders were apprehended, with 12 individuals summoned for questioning. Seized evidence included computers, mobile phones, bankbooks, and transaction documents. The network operated ‘crypto exchange tables’ for foreign clients, converting baht to digital coins and vice versa without authorized systems, enabling money laundering through digital wallets and foreign exchanges.
The Central Investigation Bureau urged the public to engage with legally licensed service providers, emphasizing the government’s commitment to fostering a secure digital economy. The Digital Asset Business Act (No. 2) enhances the oversight of digital asset businesses, ensuring safety, transparency, and accountability. Violations of digital asset regulations carry severe penalties, including imprisonment and substantial fines. The public is encouraged to report suspicious activities to authorities to safeguard the financial system and national economy.