Officials raid fintech exhibition in Bangkok to nab unlicensed entities
A joint operation by the Securities and Exchange Commission (SEC), the Economic Crime Suppression Division (ECD) of the Central Investigation Bureau (CIB) cracked down on unlicensed businesses soliciting investments from the public at a fintech exhibition held at a hotel in Bangkok on Saturday.
The joint operation followed reports from the public and stakeholders about suspicious activities involving unlicensed securities companies, derivatives business operators, and digital asset business operators, including foreign entities, allegedly soliciting investments at the exhibition.
Prior to the event, the SEC had alerted the venue owner and event organiser about these concerns. However, on the event date (September 7), on-site inspections revealed several exhibitors engaging in unlicensed business activities. Despite notifying the event organiser to suspend these activities, a lack of timely cooperation prompted the SEC to collaborate with relevant authorities.
The investigation scrutinised 10 exhibitors, with additional evidence gathered. If the activities were found to have violated SEC regulations, legal action may be pursued, potentially resulting in imprisonment and fines, the SEC said, adding it would work with relevant authorities if other laws had been violated.
SEC deputy secretary-general Jomkwan Kongsakul said the inspection, conducted in partnership with the CIB and ECD, demonstrated their proactive approach to examining wrongful activities in the capital and digital asset markets.
"Our aim is to ensure effective, swift, and thorough law enforcement, preventing potential harm to the public and investors," she note
Meanwhile, the SEC strongly advised the public and investors to exercise caution when dealing with unlicensed operators in the securities, derivatives, and digital asset sectors, including those from overseas.
These businesses operate outside the SEC’s oversight and pose a significant risk of scams.
Event organisers have been urged to be vigilant when allowing businesses to participate in exhibitions. Allowing unlicensed operators to set up booths could inadvertently facilitate illegal activities, the SEC said.
To verify the legitimacy of business operators under SEC supervision, individuals are encouraged to visit the SEC website at www.sec.or.th or utilise the SEC Check First application.
