Thailand’s financial regulator ordered cryptocurrency exchange Q Exchange to stop its advertising and promoting campaigns, warning citizens to avoid using it because of legal uncertainty, said a report by the Thai Securities and Exchange Commission (Thai SEC) on Tuesday, Nov. 13.
The local SEC said it has not officially approved Q Exchange, a joint Thai and South Korean venture, as part of its new cryptocurrency laws.
Q Exchange offers customers the exchange of ten cryptos, including the most common, Ethereum (ETH) and Bitcoin (BTC). It plans to launch its own token, local media reported.
"The SEC would like to inform the public that Q Exchange Co Ltd is not a licensed digital business operator. The public and investors should exercise caution when trading digital assets and electronic money with this firm because such actions may not be legally protected by the SEC,” Thailand’s SEC writes.
Although several Thai news sources have reported the launch and announcements related to Q Exchange, we cannot find any current online presence for the exchange.
Only by law
After a Royal decree in May, the activities of crypto companies — including those of exchanges and Initial Coin Offering (ICO) operators — relied on obtaining permission and registering with authorities in Thailand. The first officially licensed platform should appear within the country before the end of November.
This year, Thailand is seeking to strictly control its domestic crypto market, with various actors calling for tighter control in addition to the regulatory package now issued as law.
Earlier this month, the country's Deputy Prime Minister stressed the need for additional security methods to protect against the threat of attackers using cryptocurrency.