According to reports, the Bank of Thailand froze millions of accounts suspected of being "dummy accounts" for fraud over the weekend, affecting innocent individuals and businesses.
It is reported that this nationwide crackdown began in August, and weekend news indicated that Thai banks had frozen 3 million accounts and imposed daily transfer limits on all bank customers nationwide.
The Bangkok Post cited a statement from the Cyber Crime Investigation Bureau (CCIB) on Sunday, stating that as fraudsters adopt new money laundering techniques, the bank accounts of innocent online merchants and sellers have also been frozen.
Meanwhile, the Bank of Thailand warned that as authorities expand their investigations and scrutinize dummy accounts, more individuals may face the risk of account freezes.
Wisit Wisitsora-at, Secretary of the Ministry of Digital Economy and Society, stated on Monday: "We urge the public not to panic. The account suspension is only a temporary measure and will be lifted once no abnormalities are found." He added that commercial banks can freeze suspicious funds for up to 3 days, while police can extend it to 7 days.
Since the beginning of this year, call centers with Chinese backgrounds from neighboring countries have frequently targeted Thailand for online scams, using social engineering techniques to deceive victims.
Earlier this month, Thai police, in collaboration with Japan and India, launched a round-the-clock joint operation to continue cracking down on call center crime syndicates.
Recently, expatriates living in Thailand have complained in large numbers on social media and online forums, stating that their bank accounts have been suspended or they are unable to use banking services.
Some individuals have had their accounts at specific banks arbitrarily frozen or restricted for weeks without any explanation. Now, expatriates living in Thailand must personally visit local banks to register their biometric information and comply with strict "Know Your Customer" procedures when making large transactions through mobile applications.
Cryptocurrency and tech investor Daniel Batten commented in the news section: "Thanks to the Bank of Thailand for the free publicity for Bitcoin (BTC)."
Jimmy Kostro from the Thailand Bitcoin Learning Center stated: "This should be international news. Thank you, Bitcoin (BTC)."
However, affected Thai residents may face challenges under current laws. Although Bitcoin (BTC) and cryptocurrency trading remain popular in Thailand, the central bank has prohibited the use of digital currencies for payments.
In August of this year, major banks in Thailand implemented a transfer limit of 50,000 baht (approximately $1,570) on all accounts to combat call center fraud, as fraudsters used dummy accounts for money laundering.
Some merchants have temporarily stopped accepting QR code payments, and many account holders, fearing their accounts will be frozen, have begun withdrawing funds.
As public concern grows, the Bank of Thailand has engaged in discussions with the CCIB regarding compliance account freeze processes and transfer limit issues, seeking solutions for legitimate account holders.
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Original text: “Thai People Realize Their Bank Accounts Are Frozen: Could Bitcoin (BTC) Be the Solution?”
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