Thailand May Ban Cryptocurrency Lending Platforms

Thailand’s authorities plan to tighten their control over the digital currency market in the near future.

In addition, according to statement published by the Thai regulator on September 15, the local Securities and Exchange Commission (SEC) is exploring options for banning platforms for cryptocurrency lending.

The statement mentions the need to protect investors, many of whom have suffered from the recent collapse of crypto companies such as Celsius Network and Voyager Digital, which froze withdrawals and then filed for bankruptcy.

The watchdog will ban advertisements for lending and deposit-taking services. One of the high-profile shocks in Thailand was the crisis Zipmex, which also unexpectedly suspended withdrawals in July, facing financial problems.

The Thai authorities accused the company management of unwillingness to comment on the situation and provide information about transactions and crypto wallets.