Only commercial banks and securities firms can be granted licences to trade foreign exchange (FOREX) for investment, Thailand’s central bank reminded the public Friday, warning of scams by unauthorized and potentially fraudulent operators.


An enticement to invest and speculate in FOREX with high returns often turns out to be a scam, said the bank’s assistant-governor Alisara Mahasandana.


Alisara cautioned Thais “not to trust the investment invitation as not only is the business illegal, but also people are at risk of losing their money.”


According to the Exchange Control Act, those who wish to proceed with foreign currency transactions must conduct through institutions authorized by the Minister of Finance.


Engaging with any FOREX-related businesses in Thailand without licence is illegal, “no matter if the transactions are done inside or outside the country,” the statement said.


A person who advertises or invites the general public to invest in FOREX may also be held guilty, Alisara said.


Securities and Exchange Commission (SEC) on Friday also warned investors to be wary of trading digital assets such as cryptocurrencies through illegal sites, which may lead to scams.


The platform for digital asset transactions must be approved by the government, said SEC secretary-general Ruenwadee Suwanmongko. “Those who violate or fail to comply with the law may face legal consequences.”


There are several digital asset trading platforms authorized by the government, such as Bitkub, Satang Pro, and Zipmex.


Thai central bank cautions against FOREX scams - Thai Enquirer