Harmless folks and companies have reportedly been caught within the crossfire as Thai banks froze hundreds of thousands of accounts suspected to be “mules” for scammers over the weekend.
The nationwide crackdown started in August, and weekend experiences recommend that banks have frozen three million accounts and imposed each day switch limits on all financial institution clients within the Kingdom, based on experiences.
Nevertheless, the Cyber Crime Investigation Bureau (CCIB) reported on Sunday that financial institution accounts of harmless on-line distributors and retailers are being frozen too after scammers adopted new strategies to launder stolen cash, based on the Bangkok Put up.
In the meantime, the Financial institution of Thailand warned that extra folks may face freezes as authorities widen the dragnet and examine mule accounts.
“We urge the general public to not panic. The suspension is simply momentary and will probably be lifted as soon as checks verify no wrongdoing,” stated Digital Financial system and Society Ministry secretary Wisit Wisitsora-at on Monday, including that business banks could droop suspect funds for as much as three days, whereas the police could prolong the suspension to seven days.
The Financial institution of Thailand simply froze 3 million financial institution accounts in a single day & capped transfers at $1.3k–$5.5k/day to battle scams.
You’ll be able to’t freeze bitcoin. pic.twitter.com/J4PzTyd6CC
— Sasha Hodder (@sashahodler) September 14, 2025
Chinese language-affiliated name facilities, typically primarily based in neighbouring nations, have focused Thailand this yr with on-line scams, luring victims with social engineering assaults.
Earlier this month, the Thai Police launched a full-time joint operation with Japan and India, as a part of ongoing efforts to dismantle name middle syndicates.
Foreigners focused
Expatriates residing within the nation have taken to social media and on-line boards in droves to complain about being debanked or locked out of banking providers within the nation lately.
A number of have seen their accounts at particular banks arbitrarily frozen or restricted for weeks with no clarification. Resident foreigners now need to register their biometrics at their native financial institution in particular person and comply with strict Know Your Buyer procedures to make bigger transactions with the cellular apps.
Bitcoin may very well be the reply
“Thanks, BoT, for the free Bitcoin advertising and marketing,” stated crypto and expertise investor Daniel Batten in response to the information.
“This must be a world story. Thank god for Bitcoin,” stated Jimmy Kostro from the Thailand Bitcoin Studying Heart.
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Nevertheless, affected Thai residents may have bother below the present legal guidelines. Whereas Bitcoin and crypto buying and selling stay in style in Thailand, the central financial institution has outlawed the usage of digital currencies for funds.
Thai central financial institution in talks for workaround
The boundaries of fifty,000 baht ($1,570) have been imposed in August by all banks nationwide in response to a wave of name middle fraud with scammers utilizing mule accounts to launder cash.
Some retailers have briefly stopped accepting QR funds whereas account holders are reportedly withdrawing funds over concern of potential freezes.
Amid rising public concern, the Thai central financial institution has held discussions with the CCIB on a workaround for the account freezing course of and switch limits for law-abiding account holders.
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