Cryptocurrency CoinEx has not received a licence from the Securities and Exchange Commission (SEC) to operate a digital asset business in Thailand, says the regulator, which also warned the public and investors to be careful if they opt to use the service as it is not protected by law.
The SEC detected advertisements encouraging the public to use CoinEx's digital asset trading services through various channels such as CoinEx's website, the CoinEx app and a Facebook page. CoinEx has also held booth-based activities to promote various services.
The SEC said CoinEx has not received a digital asset business licence under the Royal Decree on Digital Asset Business of 2018.
"Investors should exercise caution if they are persuaded to trade through digital asset exchange, deposit, transfer, withdraw money or make transactions related to digital assets because it is not under the supervision of the SEC and will not be protected by the law," the SEC statement said.
The SEC was notified about CoinEx via its website under the Investor Alert topic on May 17, 2022.
"The SEC reiterates that digital asset businesses that are under the supervision of the Digital Assets Act who present themselves to the general public in solicitation or provide trading, exchange, deposit, transfer, withdrawal or transactions related to digital assets must be a person authorised by the law. Those violating the law may be subject to legal penalties," said the regulator.
The SEC said investors can utilise a list of licensed digital asset operators at www.sec.or.th and the SEC Check First application. If there are any questions or clues regarding suspicious operations, investors should notify the regulator's public service via its telephone hotline on 1207 for an in-depth investigation.
If an action is found to have violated the Digital Assets Act, prosecution by law is punishable by both imprisonment and a fine. The SEC also has a process to coordinate with other agencies to take further action if other laws have been breached.
