Thailand Freezes 10,000 Crypto Accounts to Fight Money Laundering

• Thailand froze over 10,000 crypto mule accounts as authorities intensify efforts to block money laundering networks.
• A new 24-hour “Speed Bump” delays large crypto transfers, forcing extra identity checks to curb illegal flows.
• Regulators now link suspicious wallets with banks and police to trace funds moving from banks to crypto.

Thailand’s crypto industry has stepped up efforts to fight financial crime, freezing over 10,000 accounts suspected of moving illegal money. The Thai Digital Asset Operators Trade Association (TDO) said these accounts, often called mule accounts, are used by criminals to pass funds through multiple accounts before turning them into digital assets.

TDO’s chairman, Att Thongyai Asavanund, warned that these accounts remain “one of the most serious vulnerabilities in the crypto system.” Criminal networks often disperse money across several bank accounts, consolidating it into one account before sending it to crypto platforms. Once there, the funds convert rapidly into digital assets and move overseas. 

“We may see the wallet address and the movement on the blockchain, but we often do not know who actually controls it,” Mr. Att noted. Hence, identifying true owners behind wallets remains a major challenge.

Speed Bump and Compliance Measures

To slow down fast-moving transactions, TDO introduced a 24-hour “Speed Bump” for transfers over 50,000 baht. During this time, users must complete extra identity checks, like video verification. 

As a result, thousands of accounts suspected of being used for money laundering have been frozen. However, this puts extra pressure on crypto operators, who now have to investigate and manage these accounts while keeping things smooth for regular users.

Criminal groups also adapt fast and can recruit new members to open new accounts when the previous ones are blocked. To be ahead of the game, TDO is cooperating with the authorities and connecting the list of suspicious accounts with the Bank of Thailand’s payment system and law enforcement agencies.

Broader Anti-Money Laundering Push

Thailand’s crackdown isn’t limited to crypto. Authorities are also keeping a close eye on physical gold and online gold platforms to stop “gray money” from moving through the system. Prime Minister Anutin Charnvirakul stressed the need for teamwork, saying, “We must work as a single, integrated force to protect the public interest and the integrity of our financial system.”

At the same time, authorities took measures against Sam Altman’s World project in November 2025, where 1.2 million iris scans need to be deleted. The reason for this was a violation of Thailand’s Personal Data Protection Act by the company, showing how authorities are paying more attention to digital ID use for financial rewards.

Related: Anthropic Takes Legal Action Against U.S. Defense Department