Thailand SEC Issues Warnings About Fraudulent Facebook Page

The Securities and Exchange Commission, which serves as the chief securities regulator of Thailand, has recently issued a warning about a fake Facebook page which claims that it represents Bitcoin Co. The page poses as a channel that offers digital transaction services and wallet services. This Facebook page came to the notice of the SEC authorities since it claimed that it was a Bitcoin Co-channel primarily operating to receive the digital asset transfers. This is because on the morning of the very same day, at around 6.06 a.m. Bitcoin Co had made a sudden announcement that it would no longer function and that its digital asset exchange service would end by September 30.

The Thai SEC had recently caught hold of another crypto scam where persons who had invested in the scheme were given various attractive incentives to operate with companies outside the country. It had discovered that many shell companies were functioning under the name of FX Trading Corporation that has no authorization to trade or deal with digital currencies in any way. It was posted this discovery that the Ministry of Finance, Thailand had clearly stated the names of the firms which had been issued digital asset business licenses this year, to carry out authorized cryptocurrency-related services. One of them was Bitcoin Exchange Co. Ltd.

The official website of Bitcoin Co is bx.in.th, and therefore users and customers of the exchange service should contact only through the official website. The SEC also said that the police had been asked to conduct an investigation of the fraudulent account on Facebook. Meanwhile Bitcoin Co had already made an announcement early this morning that it was putting an end to its operation which includes the digital exchange and wallet services as it had plans to focus on other business opportunities. The firm also declared that its deposit service would be disabled by this week itself and requested its customers to withdraw their funds by November 1 this year.

The fake facebook page appeared at 8.30 a.m. this morning, thus raising doubts as the announcement had already been made public by then on the official website of Bitcoin Co. Crypto scams have become a common phenomenon globally like in Saudi Arabia, where fraudsters made use of the country’s official symbols to lure users to purchase tokens that were allegedly linked to government projects. The scammers mostly depend on the old-fashioned Ponzi schemes which use the newly acquired income to pay back the older investors. Therefore, regulating authorities like the SEC have become more cautious as soon as they notice any suspicious activities and issue warnings for the public accordingly.