Thailand Freezes 10,000 Crypto Mule Accounts as New ‘Slowdown’ Rule Targets Money Laundering

Thai digital asset traders froze 47,692 mule accounts in 2025 alone.

Thailand’s digital asset industry has stepped up efforts to tackle money laundering linked to mule accounts.

Crypto exchanges in the Southeast Asian country have frozen more than 10,000 suspicious accounts under a newly enforced measure known as “Speed ​​Bump,” according to the Thai Digital Asset Operators Trading Association (TDO).

Important initiative against money laundering

While speaking to the Bangkok Post, Att Thongyai Asavanund, CEO of KuCoin Thailand and President of TDO, said that mule accounts remain one of the most significant vulnerabilities within the crypto ecosystem.

Criminal groups typically move illicit funds through a network of multiple bank accounts before combining the money into a single account that is used to transfer funds to a crypto platform. Once funds arrive on the platform, they are quickly converted into digital assets and transferred abroad.

Although blockchain technology allows operators to track wallet addresses and observe transaction flows on the network, Asavanund acknowledged that a major limitation remains the difficulty of identifying the actual person controlling a wallet. He explained that while operators can see a wallet address and its activity on the blockchain, determining the true beneficiary behind that address is often extremely difficult.

To address the issue and curb the movement of suspicious funds, the TDO has introduced the Speed ​​Bump mechanism, which imposes a 24-hour transaction block on transfers of 50,000 baht or more. During this holding period, users must complete additional know-your-customer verifications, including video verification, before funds can be released.

According to Asavanund, the delay is designed to disrupt the speed that criminal networks rely on to move money through the system before it can be detected. The association said the enhanced screening process has already led to the suspension of thousands to tens of thousands of accounts suspected of operating as mule accounts.

However, crypto operators face increasing compliance costs and operational pressures as they manage frozen accounts and investigate suspicious transactions. Criminal groups have also attempted to circumvent these controls by recruiting new individuals to open replacement accounts once previously used accounts are blacklisted.

In addition to the Speed ​​Bump measure, the TDO is coordinating with authorities to strengthen broader safeguards within the financial system. These efforts include linking suspect databases with the Bank of Thailand’s payment system and law enforcement agencies to help vet people classified as high risk into different risk categories.

Other industry measures

Last August, Thailand launched a program called TouristDigiPay, which allows foreign visitors to convert cryptocurrency into Thai baht for payments during their stay. Under the plan, tourists must open an account at a regulated digital asset company and e-money provider and complete strict identity checks.

In June, the government approved a five-year tax holiday on cryptocurrency profits for domestic traders to encourage more funds to remain in the country. The decision came after a sharp drop in foreign inflows after authorities introduced stricter taxes on foreign income brought to Thailand the previous year. Meanwhile, Thailand’s Department of Revenue said it is preparing to implement the Crypto Asset Reporting Framework (CARF), which supports the global sharing of digital asset account data.