Thailand's Crypto Sector Locks Down 10,000 Suspected Mule Accounts in Fresh AML Push

The results have been significant. In 2025 alone, the coordinated effort led to the suspension of nearly 48,000 mule accounts, a figure that underscores the scale of the problem Thailand's financial watchdogs are working to contain.

The newly frozen 10,000 accounts represent a continuation of that momentum, now backed by formal operational guidelines developed through a February 2025 inter-agency workshop. At the time, SEC Deputy Secretary-General Jomkwan Kongsakul outlined plans for expedited procedures to address different categories of mule accounts and broadened data-sharing agreements between exchanges, banks, and law enforcement.

Regulators have also directed the SEC to strictly enforce the Travel Rule, which obligates licensed crypto asset service providers to collect and transmit identifying details for both senders and recipients in wallet-to-wallet transfers processed through exchanges.

Thailand's push also extends beyond crypto. The government has launched a wider "gray money" campaign targeting physical gold markets alongside digital assets to close parallel laundering loopholes that have historically gone underregulated.

The TDO had not responded to requests for comment regarding the total value of assets frozen at the time of publication.