365Crypto
Thailand’s latest anti-scam crackdown has left millions of people staring at frozen bank accounts. Over three million accounts have been suspended, hitting not just scammers but also innocent citizens and businesses.
Crackdown turns messy
The operation began in August to stop “mule accounts,” which are often used by fraud rings to launder money. But according to local reports, even online vendors and small merchants have been caught in the freeze.
The Bank of Thailand says accounts can be suspended for up to three days by banks, with police able to extend it to a week. Officials insist the freezes are temporary, but the public is losing patience.
Foreigners hit too
Expats have gone online to complain about being locked out of their money. Some had their accounts frozen for weeks without notice. Now, residents must register biometrics at local branches and face tighter rules for mobile transfers.
Bitcoin in the spotlight
Crypto voices were quick to jump in. Investor Daniel Batten joked, “Thanks BoT for the free Bitcoin marketing.” Meanwhile, Thailand Bitcoin Learning Center’s Jimmy Kostro called the situation proof of why Bitcoin matters.
But here’s the catch: while Bitcoin trading is legal, the central bank has banned crypto for payments. That leaves affected citizens in a bind.
The bigger problem
The crackdown followed a flood of scams run by call centers linked to neighboring countries. With new rules, banks now impose a nationwide 50,000 baht ($1,570) transfer cap. Some shops even stopped QR payments, worried about funds being frozen mid-sale.
The central bank is now discussing with cybercrime authorities on ways to fix the freeze mess while still catching real scammers.
