Thailand Steps Up Crackdown on Mule Accounts in Digital Asset Sector

Particularly in the fast-growing digital asset industry, Thailand has increased its efforts against “mule” bank accounts intended to channel money obtained from scams or other illegal activity in a determined endeavor to fight cybercrime. This action fits a more general government push to safeguard financial systems, rebuild investor trust, and stop the abuse of technology in fraud.

Over 1.5 million Mule Accounts Were Seized

Between November 2023 and January 2025, officials reportedly seized around 1.57 million mule accounts according to the Ministry of Digital Economy and Society (DES). Other agencies including the Anti-Money Laundering Office (AMLO) are now looking at these claims. The goal is to track illegal money flow, pinpoint the main actors behind financial frauds, and destroy more general cybercrime networks.

Mule accounts usually belong to people sometimes unaware—who let their bank or crypto wallet be used for a fee. Many times, these stories become vital tools for con artists trying to quickly move money and hide from discovery.

Stricter Rules and Penalties Applied 

Thailand’s Securities and Exchange Commission (SEC) has adopted strict rules aiming at digital mule accounts and uncontrolled overseas peer-to-peer (P2P) crypto trading platforms. Those found guilty of encouraging or running such accounts under the updated legislative framework now face up to three years in prison, fines up to 300,000 baht (about $8,700), or both.

Authorities are also able to require crypto asset service providers (CASPs) to report scam-related activity, prohibit dubious digital transactions, and blacklist illegal platforms serving Thai users. Thailand’s tough legal posture reflects its aim to stop unscrupulous actors from profiting from its fast-expanding digital economy.

The new rules boldly also assign joint responsibility to commercial banks, telecom firms, and even social media platforms. Should these organizations neglect to implement preventative policies including Know Your Customer (KYC) guidelines or fraud detection systems, they could be held jointly accountable for allowing cybercrimes.

Improved Public Awareness and Monitoring 

To uphold these new criteria, Thailand’s SEC and Thai Digital Office (TDO) are intensifying public awareness programs and inter-agency cooperation. This covers creating consumer notifications, working with law enforcement to block bogus accounts, and monitoring the behavior of returning offenders.

The SEC is closely working with CASPs to include additional monitoring tools and suspicious activity alerts in trading platforms and mobile banking apps, therefore guaranteeing ongoing compliance. Thai people are also urged to report frauds straight through official hotlines and approved web portals.

Constructing a Safer Digital Asset Ecosystem 

Thailand’s crackdown is a clear statement: robust regulatory control has to go hand in with financial innovation. The nation is approaching a safer and open digital asset market by restricting mule accounts and strengthening regulation over P2P crypto activity.

Although these developments bring stricter rules, authorities are hopeful they will help rebuild confidence in Thailand’s crypto marketplaces and shield retail investors from ever-complex cyber dangers.