10,000+ suspicious crypto accounts have been frozen after Thailand introduced the “Speed Bump” policy.
Authorities and crypto firms are tightening surveillance and linking databases with the Bank of Thailand.
Thailand’s crypto industry has frozen more than 10,000 suspicious accounts as part of a new crackdown on money laundering.
The action comes after the introduction of a new control method known as the “Speed Bump.” A policy that is designed to slow down large crypto transfers so suspicious activity can be investigated before the funds leave the system.
According to the Thai Digital Asset Operators Trade Association (TDO), many mule accounts have become a risk to the country’s crypto sector.
Criminal groups often move illegal money through several bank accounts before they finally send it to a crypto exchange, where it is converted into digital assets and quickly transferred overseas.
According to the details shared on how this control method would be put into place, crypto operators plan to introduce a 24-hour transaction lock on transfers of 50,000 baht or more. During this waiting period, users must complete different identity checks, including video verification, before they can move on with their transaction.
The delay is meant to disrupt criminal networks that rely on moving funds quickly before regulators or exchanges can detect suspicious activity.
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The stricter screening has already resulted in the freezing of thousands of accounts believed to be linked to this mule activity. However, crypto platforms say the system has also increased the compliance costs and added more work for exchanges that must investigate and manage the frozen accounts.
Authorities are also working to strengthen cooperation between crypto companies and the local financial institutions. The cooperation of the two sectors would help link suspect databases with systems operated by the Bank of Thailand and law enforcement agencies to identify high-risk individuals.
At the same time, operators are being encouraged to use blockchain analytics tools to detect wallets connected to illicit transactions or international watchlists.
Despite the stricter controls, officials acknowledge that criminals often try to bypass restrictions by recruiting new people to open replacement accounts after old ones are blacklisted.
While the new measures may slow down transactions and create extra steps for users, regulators say the tighter controls are necessary to reduce financial crime and help strengthen users’ trust in Thailand’s digital asset market.
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