TLDR
- Thailand’s central bank is auditing high-volume USDT transactions to track illicit financial flows
- Cash deposits over 5 million baht ($150,000) will require full source-of-funds disclosure
- High-value cash withdrawals dropped 35% after April controls were introduced
- The crackdown also targets gold trading, mule accounts, and large banknote exchanges
- Rules are expected to take effect in Q4 2026, with the SEC handling enforcement
Thailand’s central bank is rolling out tighter controls on large cash transactions and stablecoin activity as part of a campaign to cut off hidden money flows in the country.
Thailand’s Central Bank and SEC Probe High-Value USDT Transactions
According to The Nation, the Bank of Thailand will require individuals depositing THB 5 million ($150,000) or more in cash to verify the source of funds. It is also working with Thailand’s SEC to review large… pic.twitter.com/ysl2dEv4jk
— Wu Blockchain (@WuBlockchain) July 12, 2026
The Bank of Thailand is working with the country’s Securities and Exchange Commission to audit high-volume Tether transactions. Officials say they found patterns that may hide who actually controls the funds or bypass domestic remittance channels.
Bank of Thailand Governor Vitai Ratanakorn said the approach is not a quick fix. “The measures we are implementing are not short-term fixes,” he said. “They require the continuous deployment of multiple parallel strategies.”
The rules target what officials call a “gray economy” — money that may come from suspicious sources like scam call centers. Thailand lost an estimated $3.4 billion to scams in 2025, across 173 million scam calls and texts.
Stablecoins have become a common tool for moving large sums quickly across borders due to near-instant settlement.
New Rules on Cash Deposits and Withdrawals
Starting in Q4 2026, customers depositing 5 million baht or more in cash will need to document where the money came from. This mirrors controls already in place for withdrawals of the same amount, introduced in April.
After the withdrawal rules came in, high-value cash withdrawals fell by 35%. The new deposit checks are meant to close the gap between what enters and leaves accounts.
Banks must also monitor large exchanges of big banknotes for smaller ones with no clear business reason.
Gold, Gambling, and Mule Accounts Also in the Crosshairs
The crackdown goes beyond stablecoins. Banks must now flag suspicious gold transactions, including same-day online purchases followed by physical withdrawals. Monthly physical gold withdrawals dropped from around 4,000 kilograms to 700 kilograms after tighter oversight began.
Officials are also reviewing accounts linked to online gambling and looking into mule accounts used to move dirty money.
Despite the scrutiny, the USDT audit is not a ban. Thailand’s SEC added Tether and USDC to its approved cryptocurrency list in March 2025. Licensed exchanges can still use them as trading pairs.
Crypto trading remains legal in Thailand. The country’s largest exchange, Bitkub, sees about $26 million in daily trading volume. Nearly 40% of that is forex, with the USDT/Thai baht pair being the most traded.
Thailand has previously taken a mixed stance on digital assets — allowing regulated trading while restricting direct crypto payments in most domestic settings.
No penalties have been announced, and no platforms have been named in the latest report. The SEC will handle formal enforcement once the audit is complete.
Customers and exchanges are now waiting for guidance before the Q4 deposit rules take effect.
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