Key highlights:
- 3 million Thai bank accounts frozen in a massive fraud crackdown
- Honest online sellers hit as fraudsters adapt to bypass security
- Bitcoin gains attention as residents seek alternatives to banks
Thai banks have frozen three million accounts in a sweeping crackdown on fraud, affecting innocent users and reigniting debate over Bitcoin as an alternative to the traditional banking system.
Large-scale measures hit honest customers
The operation began in August, but authorities expanded their efforts over the past weekend. Banks froze accounts suspected of being used for money laundering and introduced daily transfer limits for all customers.
The Cyber Crime Investigation Bureau (CCIB) reported that even honest online sellers and traders have been affected. As fraudsters adapt to new laundering methods, the list of victims has continued to grow.
The Bank of Thailand warned that more accounts could be blocked as investigations into fake accounts continue.
More people could face frozen bank accounts as authorities widen investigations into transfers linked to mule accounts, in an effort to recover money for scam victims, the Bank of Thailand (BoT) has warned.
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— Bangkok Post (@BangkokPostNews) September 14, 2025
Officials urged the public not to panic, stating that freezes are temporary and will be lifted once no violations are found. Commercial banks can suspend suspicious transactions for up to three days, while police can extend this to seven days.
DES permanent secretary Wisit Wisitsora-at speaks to reporters on Sunday. Source: Bangkok Post
Bitcoin emerges as a potential alternative
The crackdown has sparked renewed interest in Bitcoin. “Thank you BoT for the free Bitcoin marketing,” commented cryptocurrency investor Daniel Batten. Jimmy Kostro of the Thailand Bitcoin Research Center added, “This should be an international story. Thank god for Bitcoin.”
However, Thai residents cannot fully use Bitcoin due to current legislation. While cryptocurrency trading is permitted, the central bank has banned the use of digital currencies for payments, limiting adoption as a full banking alternative.
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Source:: Bitcoin Spotlight as Thailand Freezes 3 Million Bank Accounts in Fraud Crackdown