Across the world, efforts are being made to educate the public about the various scams that occur within the cryptocurrency sector so as to avoid any further loss of data or funds. This is because, like any emerging industry, malicious parties have taken it upon themselves to exploit the lack of information about the cryptocurrency industry and prey upon the unsuspecting public in a bid to steal from them. 

Now, Thailand’s securities regulator has issued a warning about a scam that is ongoing and poses as a legal digital currency trading firm that operates overseas in a bid to deceive victims. This was reported on August 25, 2019, and according to the Thai securities and exchange commission, a new crypto scam has been uncovered in which investors have been lured into doing business with companies outside of Thailand. 

Details About the Scam 

According to the reports, the regulator has uncovered several companies that were involved in this case including FX Trading Corporation, a scam corporation that is not authorized to deal in any digital currencies and thus far, the amount of money that has been lost to the scam is not Known. 

In the country of Thailand, only 3 companies have been authorized by the official regulators to deal in digital asset-based business and only one company has been approved as a crypto broker or dealer. However, not all investors are aware of these regulations that have been put in place and thus, have been conned into doing business with the criminals who have gone on to steal their funds. The four businesses that have been approved crypto licenses in Thailand are Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd. and Satang Corporation, as well as cryptocurrency brokerage firm Coins TH Co., Ltd.

Also, because firms are operating from abroad, the regulator has stated that they will require cooperation from their foreign counterparts to properly investigate the industry to protect their citizens. Generally, a number of nations have been forced to issue guidelines and warnings to their citizens regarding the crypto industry due to the prevalence of this, but hopefully, as the industry progresses, these will be well-known.

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