Bangkok Post – Thai police bust illegal crypto trading operations
Five arrests made, eight locations raided in Bangkok, Chon Buri and Phuket
PUBLISHED : 24 Apr 2025 at 16:26
Police have arrested five suspects involved in illegal cryptocurrency trading during raids on eight locations in Bangkok and two tourist provinces, with some firms allegedly laundering money for drug and scam networks.
The crackdown was part of “Operation Crypto Phantom”, targeting illegal crypto trading firms involved in laundering money for illegal businesses, Pol Maj Gen Thatphum Jaruphat, commander of the Economic Crime Suppression Division (ECD), said during a media briefing on Thursday.
The raids were conducted last week on eight locations in Phuket, Chon Buri and Bangkok. Pol Maj Gen Thatphum said many currency exchange firms in the three tourist cities illegally provided cryptocurrency trading, particularly Tether (USDT), to help clients avoid financial transaction inspections and to evade taxes.
“Some firms have been found to launder money for illegal businesses, particularly networks of those involved in illicit drugs, call centre scams and online gambling,” said Pol Maj Gen Thatphum.
Investigators uncovered more than 1,000 financial transactions linked to illegal businesses, with over 14 billion baht in circulation, he added.
During the raids, the ECD officers arrested five suspects involved in illegal crypto trading. Computers, mobile phones, bank account passbooks and other documents were seized from the eight locations.
Pol Maj Gen Thatphum Jaruphat, commander of the Economic Crime Suppression Division, discusses the outcome of a crackdown on illegal cryptocurrency trading in three Thai tourist cities. (Photo supplied/Wassayos Ngamkham)