Crypto-currency platform operators in Thailand have blocked more than 10,000 accounts suspected of legalizing criminal proceeds. The reason for the massive freeze was stricter demands from regulators aimed at fighting so-called "mull-accounts". These accounts are being used by criminals in money-laundering schemes, and the new measures are designed to curb their activity.

The blocking was implemented as part of the recently introduced Speed Bump mechanism, which suspends transactions worth 50,000 baht (approximately $1,583) for 24 hours. During this period, users are required to undergo additional verification of their KYC identity, including video confirmation. The head of the Thai Association of Digital Asset Operators (TDO), Att Tongyai Asavanund, explained that the measure aims to slow the withdrawal of funds by criminal groups, which usually consolidate illicit capital in one wallet before converting to cryptocurrency and sending abroad.

The association recognizes that the new rules create some difficulties for legitimate business and customers: companies incur additional compliance costs and operating load, and users face transaction delays.