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The Bank of Thailand is preparing tighter checks on large cash deposits and abnormal USDT trading as it tries to curb gray-money flows.
Governor Vitai Ratanakorn said the central bank is working with Thailand’s Securities and Exchange Commission to review stablecoin trades that may be structured to avoid disclosure or move funds outside normal, traceable remittance channels.
USDT Trades Move Into SEC Review
The review uses data analytics to detect unusual trading patterns involving Tether’s USDT. The central bank has passed findings on suspect transactions to the SEC, which supervises digital asset businesses and can decide whether enforcement action is needed.
The scrutiny is not a ban on USDT trading. Thailand’s SEC added USDT and USDC to its approved cryptocurrency list in March 2025, allowing licensed exchanges to use them as base trading pairs and permitting their use in specified digital-token transactions.
Earlier monitoring found that about 40% of USDT sellers on Thai platforms were foreign nationals. Domestic crypto trading averaged about 2.8 billion baht per day, below daily foreign-exchange volume of 10 billion to 15 billion baht.
Regulators said the crypto market could still carry gray-money flows despite being smaller than the foreign-exchange market.
Deposits Above 5M Baht Face Checks
The central bank plans to propose source-of-funds checks in the fourth quarter for cash deposits of at least 5 million baht. The proposal would extend April rules that require customers to explain cash withdrawals at or above the same threshold.
Large cash withdrawals have fallen by about 35% since those checks began. Banks are also expected to review exchanges of 1,000-baht notes into smaller denominations when customers cannot give a clear commercial reason.
The measures focus on transactions with limited audit trails. Electronic transfers and crossed checks are not covered by the current withdrawal rule because they already create traceable records.
Gold Withdrawals Fall After Tighter Monitoring
The crackdown also covers gold purchases, accounts linked to online gambling and customer checks at account opening.
Banks must report suspicious gold activity, including app-based purchases followed by same-day physical collection.
Physical gold withdrawals have dropped from about 4,000 kilograms a month to roughly 700 kilograms after tighter monitoring. Thai banks have also closed thousands of accounts tied to online betting activity.
Fourth-Quarter Rules Will Shape Next Phase
The next phase will depend on the fourth-quarter cash deposit proposal and any SEC action that follows the USDT review.
For crypto platforms, the review means abnormal USDT activity will face closer regulatory attention.
For banks, the expected deposit checks would extend Thailand’s gray-money controls from large cash withdrawals to large cash deposits.
