Thailand's SEC Alerts Public to Unlicensed Investment Service Providers

The Securities and Exchange Commission (SEC) of Thailand issued a warning, alerting the public and investors to unlicensed securities, futures, and digital asset business operators, including those from abroad. Investors may be persuaded to use the services through various channels, including setting up booths at exhibitions, as they are not under the supervision of the SEC and carry risks of fraud.

In addition, Thailand’s SEC reminded event organizers to be careful about allowing unlicensed business operators to set up booths, as this may be seen as a supporter of wrongdoing and result in imprisonment and fines. The SEC is monitoring events and exhibitions involving booths offering investment advice and service solicitation, said Anek Yooyuen, deputy secretary general and spokesman of the SEC.

If such activities breach other laws, the SEC will collaborate with relevant authorities to take further action, said Mr Anek.

The Thai regulator blocked 1,863 fraudulent investment channels on various platforms, such as Facebook, Instagram, Line, and TikTok. Roughly 98% of the accounts that were requested to be blocked were taken down by platform operators, according to the regulator.

As of August this year, 497 people had complained to the SEC's hotline in 2024, with 350 accounts deemed investment fraud, said Mr Anek.

"People should be careful about investment solicitations via social media. They should thoroughly check the information before deciding to invest, directly asking the company or personnel in charge in the capital market," said Mr Anek. "They should not provide personal information or transfer money to individual accounts."

(Source: Bangkok Post)