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Thailand’s central bank and securities regulator are reviewing large USDT transactions as part of a wider crackdown on illegal financial activity. Data analysis identified transfers that may have hidden ownership or avoided conventional remittance channels.
Regulators Audit High-Volume Stablecoin Activity
The Bank of Thailand is working with the country’s Securities and Exchange Commission to review unusual stablecoin trading patterns, with particular attention on Tether’s USDT. Bank of Thailand Governor Vitai Ratanakorn confirmed that regulators are using data analytics to examine large transactions.
Preliminary findings were passed to the SEC for possible disciplinary or statutory action, according to local reporting on his remarks. The authorities have not disclosed the number or value of the transactions under review. They have also not identified any exchanges, wallet operators or individuals suspected of wrongdoing.
The inquiry is targeted at specific transaction patterns rather than stablecoin use generally. No new prohibition on holding or trading USDT has been announced.
Stablecoin Review Targets the Grey Economy
The investigation is part of a wider effort to curb money laundering and funds linked to online gambling.
Regulators are also increasing scrutiny of large cash transactions, foreign currency exchanges and gold trading. From the fourth quarter, individuals depositing 5 million baht or more in cash will need to provide information on the source of the money.
The measure complements rules introduced in April requiring additional justification for cash withdrawals of at least 5 million baht. Large withdrawals fell 35% after those controls took effect.
Banks have also been told to report suspicious gold transactions, including rapid digital purchases followed by same-day withdrawals of physical bullion. Reported monthly physical gold withdrawals declined from about 4,000 kilograms to roughly 700 kilograms after tighter monitoring began.
USDT Can Move Funds Outside Bank Channels
Dollar-backed stablecoins allow users to transfer value across borders without relying on a conventional international bank payment for each transaction.
Thai authorities are examining whether some large transfers were structured to hide the beneficial owner or avoid domestic reporting and remittance requirements. The available statements do not establish that all large USDT transactions are suspicious or connected to illegal activity.
Stablecoin transfers leave records on public blockchains, but wallet addresses do not automatically reveal the identity of the person controlling them. Regulators often need information from exchanges and other service providers to connect an address to an account holder.
Thailand Permits Regulated Crypto Trading
Thailand regulates digital asset exchanges, brokers, dealers, fund managers and custodial wallet providers under its digital asset business framework. Companies offering those services generally require authorization from the Ministry of Finance and operate under SEC supervision.
The SEC has also gained broader powers to restrict foreign digital asset platforms that solicit Thai customers without local authorization. Amendments effective in April 2025 accelerated the process for blocking illegal services.
Thailand permits regulated crypto trading but limits the use of digital assets for everyday payments. The Bank of Thailand has opposed widespread crypto payments because of concerns involving financial stability, cybersecurity and money laundering.
The USDT inquiry could lead to enforcement against particular accounts or businesses if regulators find violations. Officials have not announced a completion date or proposed broader stablecoin restrictions.
