Thai authorities have busted an illegal cryptocurrency trading ring following raids in Bangkok, Chon Buri and Phuket.
According to reports, the raids were part of “Operation Crypto Phantom”, which focuses on crypto trading firms facilitating money laundering.
In total, some eight locations were raided across the three cities, with authorities arresting five suspects. The raided firms are believed to have helped facilitate money laundering for drug and scam networks and online gambling operations.
Authorities indicate that numerous currency exchange groups in the touristic cities facilitate crypto trading, primarily in Tether (USDT) in order to help clients avoid taxes and tracing of their funds.
Police investigators say that the network involved over 1,000 financial transactions, with over THB14 billion ($418 million) in circulation.
Crypto trading in Thailand is legal, however crypto gains are taxable when remitted in the country – even if traded on a foreign exchange.
