The Bank of Thailand, in collaboration with the Department of Special Investigation (DSI), is cracking down on forex trading and has ordered the blocking of 5,000 accounts for illegal "Chinese Yuan" transfers.

The Bank of Thailand, in collaboration with the Department of Special Investigation (DSI), is cracking down on illegal Forex trading, noting that the law carries a maximum prison sentence of 10 years. They are also tightening regulations on payment gateways, prohibiting the use of Alipay and WeChat Pay for direct transfers of Yuan via commercial QR codes; payments must be in Thai Baht only. To date, over 5,000 accounts violating these regulations have been suspended.

June 24, 2569 – Miss Chayawadee Chaianan, Assistant Governor Corporate relations line Bank of Thailand (BoT) Regarding the issue of businesses providing foreign exchange trading or speculation services (FOREX), the Bank of Thailand has not previously issued licenses for such businesses.

Therefore, engaging in FOREX business, including providing money transfer services for FOREX transactions both domestically and internationally, is illegal under the Foreign Exchange Control Act of 2485 and is punishable by a fine not exceeding 20,000 baht or imprisonment not exceeding 3 years, or both.

Furthermore, individuals or legal entities that advertise, announce, or solicit the public to invest in foreign exchange trading for speculative purposes, or FOREX trading, will be subject to penalties under the Act on Fraudulent Public Lending B.E. 2527 (1984), punishable by imprisonment of 5-10 years and a fine of 500,000 to 1,000,000 baht, plus an additional fine of not more than 10,000 baht per day for the duration of the offense.

Currently, Payment Gateway businesses are governed by the Payment System Act B.E. 2560 (2017), which mandates that businesses understand and manage the risks of the merchants they serve (Know Your Merchant: KYM). This includes verifying the qualifications of merchants before accepting them into the system and continuously monitoring their transaction behavior. If a merchant is found to have abnormal behavior or is suspected of violating the law, the business operator is required to immediately suspend services to that merchant.

If the Bank of Thailand (BOT) finds that a Payment Gateway business operator has neglected its duties, the BOT has the authority to take action according to the severity of the offense. This may include ordering a suspension of services, imposing fines, or recommending to the Minister to revoke the license under Section 32 of the Payment System Act B.E. 2560 (2017).

"Regarding the recent news about FOREX businesses using Payment Gateway channels, the Bank of Thailand is currently cooperating with the Department of Special Investigation (DSI) and other relevant agencies to investigate the information and determine whether the business operations constitute the aforementioned offenses. If any wrongdoing is found, access to the website or platform will be suspended, and legal action will be taken."

Regarding accepting payments via Alipay and WeChat Pay: The Bank of Thailand (BOT) mandates that all regulated payment service providers must offer services exclusively in Thai baht. Violators may be ordered to rectify the situation, fined under the Payment System Act B.E. 2560 (2017), have their services suspended, and the BOT may recommend to the Minister of Finance that their license be revoked.

In the case of direct yuan transfers via peer-to-peer (P2P) QR codes from Alipay and WeChat Pay, the transactions occur on the systems of foreign service providers. Previously, if the Bank of Thailand detected such activity, it would forward the matter to Alipay and WeChat Pay for account suspension. However, the Bank of Thailand is now coordinating with Alipay and WeChat Pay to monitor usage patterns and suspend accounts that use personal QR codes for transfers for commercial purposes.

"According to the information received, from February 2568 to May 2569, at least 5,000 accounts used for transferring yuan via P2P QR codes have been suspended."

However, if the public finds any information about FOREX business operations that are not conducted by commercial banks, the use of bank accounts or e-money accounts for receiving and sending money related to FOREX transactions or foreign exchange without authorization, or shops that accept payments in foreign currency without authorization, they can report it to the Bank of Thailand's complaint center at 1213. The Bank of Thailand will investigate the facts and coordinate with relevant law enforcement agencies, such as the Royal Thai Police and the Department of Special Investigation (DSI), to prosecute the offenders.

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