Bangkok, March 3 -- Thai police have arrested 11 executives and employees from five illegally operating cryptocurrency firms with a combined revenue of approximately 1 billion THB (nearly 30 million USD).

According to Major Thatphum Jaruprat, head of the Economic Crime Division (ECD), authorities raided the companies in Nakhon Pathom, Samut Sakhon, and Bangkok after discovering they were operating without licenses.

Investigations revealed that these platforms acted as intermediaries for users purchasing foreign products. Customers were required to register, open e-wallets, and deposit funds via bank accounts linked to the companies, raising concerns over economic losses and potential money laundering.

Thailand's central bank regulates ...