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Bank of Thailand flags suspicious high-volume USDT stablecoin trades
The central bank said early screening found transactions that appear intended to sidestep disclosure rules, with the SEC set to decide on any next steps.
The Bank of Thailand has begun using data analytics to scan stablecoin market activity, focusing on unusually high-volume trades involving Tether's USDT, as part of a crackdown aimed at illicit finance in the country's shadow economy, Decrypt reports.
Bank of Thailand Governor Vitai Ratanakorn said early reviews flagged transactions that appear designed to evade disclosure requirements or move funds outside normal banking channels, and the findings have been shared with Thailand's Securities and Exchange Commission for follow-up action.
The stablecoin screening is part of a wider sweep that also targets large cash deposits and withdrawals, gold trading, and online-gambling related “mule” accounts, according to Decrypt. The effort is described as ongoing rather than a quick fix.
Thailand has been tightening financial monitoring since April, including rules for banks to check the purpose of cash withdrawals of 5 million baht or more, and the central bank says the measures cut large cash withdrawals by roughly 35%. Regulators are also requiring depositors bringing in 5 million baht or more in cash to declare the source starting in the fourth quarter, and they have reported reductions in monthly gold withdrawals and closures of mule accounts linked to online gambling.
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