Thai cryptocurrency exchanges have reported a major anti-money laundering operation targeting “mule” accounts. Under a new “Speed Bump” rule, more than 10,000 suspicious accounts were frozen to disrupt criminal cash flows. Industry leaders warn that compliance costs are rising as gangs recruit new account holders to replace blacklisted ones.
Thai digital asset operators reported freezing 47,692 mule accounts in 2025. The industry is intensifying efforts to combat money laundering linked to these accounts.
Crypto exchanges in Thailand have frozen more than 10,000 suspicious accounts under a newly enforced measure. The mechanism, called “Speed Bump,” was implemented by the Thai Digital Asset Operators Trade Association (TDO).
Att Thongyai Asavanund, chief executive of KuCoin Thailand and TDO chairman, said mule accounts remain a major vulnerability. Criminal groups move illicit funds through multiple bank accounts before consolidating them for transfer to a crypto platform.
Asavanund acknowledged a key limitation in tracking illicit activity. While operators can see a wallet address and its activity on the blockchain, determining the true beneficial owner behind that address is often extremely challenging.
The Speed Bump mechanism imposes a 24-hour transaction lock on transfers of approximately $1,400 or more. During this period, users must complete additional verification, including video checks, before funds are released.
The association stated the delay disrupts the speed criminal networks rely on. Enhanced screening has led to the suspension of thousands to tens of thousands of suspected mule accounts.
Operators now face rising compliance costs and operational pressures. Criminal groups are attempting to bypass controls by recruiting new individuals to open replacement accounts.
The TDO is also coordinating with authorities to strengthen broader financial safeguards. Efforts include linking suspect databases with the Bank of Thailand’s payment system and law enforcement agencies.
Meanwhile, the Thai Revenue Department is preparing to implement the global Crypto-Asset Reporting Framework (CARF). This framework supports the international sharing of digital asset account data.
