A crypto exchange called Q Exchange has been marked unsafe by the Thai SEC in a press release dated Tuesday, Nov 13.
The said crypto exchange has not received any operating license from the Thai regulators and was warned in the release to stop advertising its service to residents while the public was also told to stay clear of the project.
Local reports say that Q Exchange belongs to a group of Thai and South Korean investors and offers crypto trading in popular currencies including BTC and ETH. Even though no domain on the web currently points to the exchange, the Thai SEC said in a section of the release,
“The public and investors should be cautious in engaging in digital asset and electronic money trades with this firm (Q Exchange) because such actions might not be lawfully protected by the SEC.”
As we earlier reported, the Thai SEC will only unveil the first licensed crypto exchange in the country later this month, with the latest update confirming that the plans have not changed.
Royal Decree Takes Effect
It was in May that the Thai authorities released a 100-page legal framework to guard the activities of crypto-related businesses.
Under the new regulations, the Thai SEC is placed as the WatchGuard for the new industry and has started making efforts to implement other sections of the royal decree. Some crypto exchanges have applied for licenses and are currently being reviewed by the regulators while ICOs will be indexed in a new portal before the end of the year.
Such a move will likely attract more crypto startups into the country and also pave the way for the state to become a global leader in the blockchain and crypto industry.