Thailand’s Central Bank Ramps Up Scrutiny on USDT and Cash to Fight Scam Networks

The Bank of Thailand is expanding its surveillance of stablecoin transactions as part of a broader crackdown on money laundering and illicit finance flowing through the country. Working alongside Thailand’s Securities and Exchange Commission, the central bank plans to audit high-volume USDT transactions, cash movements, and currency exchanges to catch suspicious financial activity.

Scam Centers Driving the Crackdown

Much of the concern centers on Chinese affiliated scam operations that have spread across the region. While exact figures on Thailand’s gray economy remain unclear, scam-related losses hit around 115 billion baht, roughly $3.4 billion, in 2025, with more than 173 million scam calls and texts reported. Stablecoins have become a preferred tool for moving large sums quickly across borders, making them a growing focus for regulators.

Cash, Gold and Forex Also Under Watch

The new measures extend beyond crypto, requiring commercial banks to tighten oversight of cash networks, gold bullion trading, and currency exchanges. Large cash transactions will now need a source of funds declaration, and any big banknote exchanges without a clear business reason will draw scrutiny. Cash deposits above 5 million baht, around $150,000, will require full disclosure.

Crypto Trading Still Legal, but Tightly Regulated

Digital asset and stablecoin payments remain banned by Thailand’s central bank, though crypto trading itself is still allowed. Bitkub, the country’s largest exchange, sees about $26 million in daily trading volume, with USDT/THB among its most active pairs.

Thailand previously froze three million bank accounts in 2025 during an earlier crackdown on scam linked accounts, a move that also affected many legitimate users and businesses.