Thailand’s Securities and Exchange Commission (SEC), in collaboration with the Economic Crime Suppression Division (ECD) of the Central Investigation Bureau (CIB), launched a joint operation to target unlicensed businesses soliciting investments at a Fintech exhibition in Bangkok on Saturday.
The operation followed reports from the public and stakeholders about suspicious activities at the event, where unlicensed securities companies, derivatives operators, and digital asset firms, including foreign entities, were allegedly soliciting investments.
Prior to the exhibition, the SEC had issued warnings to the venue owner and event organizer, raising concerns about the potential presence of unlicensed operators.
However, on September 7, regulatory authorities conducted on-site inspections and found several exhibitors engaged in unauthorized financial activities.
Despite prior notification, the event organizers failed to act promptly, which led the SEC to work with law enforcement to halt the activities.
During the inspection, authorities scrutinized 10 exhibitors and collected evidence to determine whether violations of SEC regulations had occurred.
The SEC stated that legal action could be pursued against those found to be operating without the necessary licenses, with penalties potentially including imprisonment and fines.
The regulatory body also noted that further cooperation with other authorities would be initiated if other laws were found to be breached.
The SEC emphasized its commitment to ensuring swift and comprehensive enforcement of laws in the capital and digital asset markets, aiming to protect the public and investors from potential financial harm.
The regulatory body also advised the public to exercise caution when engaging with unlicensed operators in the securities, derivatives, and digital asset sectors, warning that such businesses operate outside the SEC’s oversight and carry a significant risk of fraud.
Event organizers were also urged to be vigilant when allowing businesses to participate in exhibitions, as unlicensed operators may use these platforms to conduct illegal activities.
The SEC encouraged individuals to verify the legitimacy of business operators through its official website or the SEC Check First application, ensuring that financial transactions are conducted with licensed entities.
