Banks in Thailand have frozen approximately 3 million accounts as part of a fraud-prevention campaign launched in August 2025. Measures were expanded over the weekend of September 13-14, when authorities introduced daily transfer limits—ranging from 50,000 to 200,000 baht (around 1,300–5,500 USD) for all clients. The aim is to crack down on money laundering through "mule accounts" used by fraudsters to steal about 6 billion baht from scam victims.
The Cyber Crime Investigation Bureau (CCIB) coordinates efforts, focusing on suspicious transactions. According to the Bank of Thailand (BoT), the number of blocked accounts may increase as the investigation deepens.
On September 14, the CCIB reported that accounts of honest online sellers and small businesses had been frozen. Fraudsters have adapted, using new schemes: they purchase goods from legitimate sellers, resell them, and transfer funds through their accounts, trapping the owners. Some sellers are forced to urgently withdraw cash or refuse transfers, paralyzing their operations. In some cases, even children's accounts have been affected by deception. Experts note that automatic blocking over 'unusual' transactions exacerbates chaos for small businesses.
On September 15, Permanent Secretary of the Ministry of Digital Economy and Society Wisit Wisitsora-at urged citizens to stay calm. "The freeze is a temporary measure for verification. It will be lifted after confirming no violations," he said. Commercial banks can suspend suspicious operations for up to three days, police for up to seven. If there is no evidence, funds are returned. Hotlines 1441 and 095-425-7478 are open for complaints.
The BoT emphasizes that permanent freezing is only possible by court order, and the current measures are preventive steps to return funds to victims.
The incident has sparked a heated discussion in the crypto community. "Thank you Bank of Thailand for the free Bitcoin advertisement," joked investor Daniel Batten on X, highlighting that a decentralized network cannot be 'frozen' at the whims of authorities. Jimmy Kostro from the Thailand Bitcoin Study Center added: "This should be international news. Thank God for Bitcoin."
As a crypto market analyst, I see this as a classic example of centralized system vulnerabilities: they are convenient but susceptible to interference. Bitcoin, with its blockchain, offers immunity from such freezes, increasing demand in emerging markets like Thailand. However, local legislation restricts it: crypto trading is allowed, but payments are prohibited, which hinders adoption.