Key Points
- Thai police raided an illegal Bitcoin mining operation, seizing equipment worth 69 million baht ($2.54 million).
- Thai financial regulators have warned crypto service providers against deceptive advertising and violating regulatory protocols.
The Thai police have recently conducted a successful operation against illegal Bitcoin mining in the country. In the process, they seized equipment valued at 69 million baht, or approximately $2.54 million.
Bitcoin mining is a process that requires large amounts of electricity to power the necessary computing machinery. The police were tipped off about the operation due to suspiciously high electricity usage at a disused ice factory in the city of Samut Sakhon.
Details of the Raid
Pichetpong Changkaikhon, Chief of Samut Sakhon City Police, stated that the police found around 690 units used for Bitcoin mining. In addition to the mining units, they also confiscated an electrical transformer, several laptops, and aluminum cables.
During the raid, a Myanmar national was apprehended on the premises. The investigation is ongoing and includes several individuals such as the owner of the factory and the leaseholder of the property.
The Thai police have conducted other raids in the city, but none of this magnitude. “There were other places raided too for illegal bitcoin mining but we found only 40 to 50 bitcoin mining units,” Pichetpong said.
Just last week, officers from the Technology Crime Suppression Division conducted raids at a Chinese temple in Ratchaburi and a warehouse in Samut Songkhram. They seized a total of 652 Bitcoin mining machines from these locations, estimated to be worth about $5 million.
Regulatory Crackdown
Earlier this week, Thai financial regulators issued a warning to crypto asset service providers. They cautioned against deceptive advertising and hosting broker agency events that might violate regulatory protocols.
Anek Yooyuen, the deputy secretary-general of Thailand’s Securities and Exchange Commission (SEC), expressed concern about crypto exchanges attracting investors with enticing promotions.
Additionally, the Thai authorities are working to block access to unauthorized cryptocurrency exchanges in the country. The Thailand SEC has been tasked with providing comprehensive details on unlicensed digital asset service providers currently operating within the country.
This move by Thai regulators is seen as an effort to improve law enforcement’s effectiveness in combating money laundering via digital assets.
