Bitcoin debate flares as Thailand freezes 3M accounts
Thailand’s anti‑scam drive froze about 3 million bank accounts and added daily transfer caps. Banks and police say freezes are temporary, but vendors and expats report disruptions. Crypto voices tout Bitcoin–yet using it for payments is still banned in Thailand.
Thailand has escalated its fraud crackdown by freezing roughly 3 million bank accounts flagged as potential “mule” channels and by imposing daily transfer limits generally ranging from 50,000 to 200,000 baht (~$1,400-5,600), depending on the customer segment. The measures arrived after a surge in online scams that authorities say drained billions of baht over the past year.
The sweep is catching unintended targets. The Cyber Crime Investigation Bureau (CCIB) said scammers have shifted tactics: instead of moving funds through obvious mule accounts, they buy goods from legitimate online vendors and resell for cash, leaving ordinary sellers tangled in money‑laundering probes. CCIB’s commissioner acknowledged the method’s sophistication and said more officers are handling complaints and unfreezing processes.
Banks automatically freeze accounts with unusual inflows, which can trap legitimate merchants whose volumes spike. Trade groups and local reports describe vendors pausing transfers or QR payments until they can verify counterparties. Some account holders are withdrawing cash to avoid sudden freezes.
Officials stress the measures are temporary. Banks can freeze accounts for up to three days for review, while police may extend freezes to seven days during investigations. The Bank of Thailand has discussed a workaround for account freezes and limits with the CCIB to reduce collateral damage for law‑abiding users.
Foreign residents report stricter KYC and in‑person biometrics to keep banking access or send larger payments, and some say they faced weeks‑long restrictions with limited explanations. Regulators are pushing banks toward biometric verification and AI‑driven fraud detection, aiming for a more targeted system as tools mature.
The banking restrictions have sparked renewed interest in Bitcoin among some users. Social media discussions highlight crypto as an alternative when traditional banking faces disruptions, though Thailand prohibits using cryptocurrencies for payments. Digital asset trading remains legal and popular under current regulations.
Authorities continue to target cross‑border call‑center syndicates tied to phishing, investment schemes and social‑engineering scams. Joint operations with regional partners are ongoing, and more freezes are possible as investigators trace networks linked to suspicious flows.
