Innocent individuals and companies have actually supposedly been captured in the crossfire as Thai banks froze countless accounts believed to be “mules” for fraudsters over the weekend.
The across the country crackdown started in August, and weekend reports recommend that banks have actually frozen 3 million accounts and enforced everyday transfer limitations on all bank clients in the Kingdom, according to reports.
Nevertheless, the Cyber Criminal Activity Examination Bureau (CCIB) reported on Sunday that savings account of innocent online suppliers and merchants are being frozen too after fraudsters embraced brand-new techniques to wash taken cash, according to the Bangkok Post.
On The Other Hand, the Bank of Thailand alerted that more individuals might deal with freezes as authorities expand the dragnet and examine mule accounts.
” We prompt the general public not to panic. The suspension is just momentary and will be raised when checks verify no misbehavior,” stated Digital Economy and Society Ministry secretary Wisit Wisitsora-at on Monday, including that business banks might suspend suspect funds for approximately 3 days, while the authorities might extend the suspension to 7 days.
The Bank of Thailand simply froze 3 million savings account over night & & capped transfers at $1.3 k–$ 5.5 k/day to combat frauds.
You can’t freeze bitcoin. pic.twitter.com/J4PzTyd6CC
— Sasha Hodder (@sashahodler) September 14, 2025
Chinese-affiliated call centers, typically based in neighbouring nations, have actually targeted Thailand this year with online frauds, drawing victims with social engineering attacks.
Previously this month, the Thai Cops released a full-time joint operation with Japan and India, as part of continuous efforts to take apart call center distributes.
Immigrants targeted
Expatriates living in the nation have actually required to social networks and online forums in droves to grumble about being debanked or locked out of banking services in the nation just recently.
A number of have actually seen their accounts at particular banks arbitrarily frozen or limited for weeks without any description. Homeowner immigrants now need to register their biometrics at their regional bank face to face and follow stringent Know Your Consumer treatments to make bigger deals with the mobile apps.
Bitcoin might be the response
” Thank you, BoT, for the totally free Bitcoin marketing,” stated crypto and innovation financier Daniel Batten in action to the news.
” This ought to be a global story. Thank god for Bitcoin,” stated Jimmy Kostro from the Thailand Bitcoin Knowing Center.
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Nevertheless, impacted Thai citizens might have problem under the existing laws. While Bitcoin and crypto trading stay popular in Thailand, the reserve bank has actually disallowed making use of digital currencies for payments.
Thai reserve bank in talks for workaround
The limitations of 50,000 baht ($ 1,570) were enforced in August by all banks across the country in action to a wave of call center scams with fraudsters utilizing mule accounts to wash cash.
Some merchants have actually momentarily stopped accepting QR payments while account holders are supposedly withdrawing funds over worry of possible freezes.
Amidst growing public issue, the Thai reserve bank has actually held conversations with the CCIB on a workaround for the account freezing procedure and transfer limitations for obedient account holders.
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