The latest cryptocurrency news show that the Thai Police recently arrested 24 Chinese nationals who were running an alleged cryptocurrency scam call center in the Rama III neighbourhood of Bangkok.
The police in Thailand came out with an official announcement on December 2, where the Immigration Bureau of the Royal Thai Police arrested 24 individuals, seized 61 laptops and 424 mobile phones. There were a couple of routers seized as well.
In the report, we can also see that the head of operation would hire employees on three month contracts, and all of there expenses were paid including a 5,000 yuan ($710) monthly salary. After they arrived, the workers would surrender their passports to the head of the operation and would work shifts from 9am to 10pm. This is how the latest Bitcoin scams news describe this scam.
More details show that the alleged scammers lured Chinese investors to buy Bitcoin (BTC) and fudged rates in order to make a profit. The local news daily Chiang Rai Times stated that the Immigration Bureau has busted many call center scams operated by Chinese nationals. Aside from the Thai police arresting this group in Bangkok,even 54 minors were also arrested at a Thai resort hotel for duping Chinese-based investors into investing in fake stocks.
The scammers from Bangkok, as the Thai police noted, had a target to raise 5 million Thai baht ($165,000) from investors that they met in Internet chat rooms. The police is still in pursuit of the operation’s main organizer who just like the head of the purported Bitcoin scam, is in active possession of the employees’ passports.
Even though trading cryptocurrencies in Thailand is legal, the Thai police adheres to the regulatory framework and compliance standards for the industry. A series of decrees are ruling both the issuance of tokens and the trading of cryptocurrencies in a secondary market. The acceptable trading pairs run either in the country’s fiat currency – the baht – or cryptocurrencies which have been approved by the Thai Securities and Exchange Commission.
As we previously reported, the main idea for lawmakers in Thailand is to reform cryptocurrency laws amid concerns that such regulations make the country uncompetitive.
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