Thailand Uncovers Massive Crypto Mule Network, Freezes 10,000 Accounts in Stunning Anti-Money Laundering Crackdown

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

Thailand’s digital asset industry has stepped up its 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 the “Speed Bump,” according to the Thai Digital Asset Operators Trade Association (TDO).

Major Anti-Money Laundering Push

While speaking to the Bangkok Post, Att Thongyai Asavanund, chief executive of KuCoin Thailand and chairman of the TDO, said 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 the funds arrive on the platform, they are quickly converted into digital assets and transferred overseas.

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

To address the problem and slow the movement of suspicious funds, the TDO has introduced the Speed Bump mechanism, which imposes a 24-hour transaction lock on transfers of 50,000 baht or more. During this holding period, users are required to complete additional know-your-customer checks, including video verification, before the 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 are facing rising compliance costs and operational pressures as they manage frozen accounts and investigate suspicious transactions. Criminal groups have also attempted to bypass 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 screen individuals classified as high risk under different risk categories.

Other Industry Measures

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

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