Thai Regulator Battles Deceptive Crypto Ads
2 min read
Thai Regulator Battles Deceptive Crypto Ads
The Securities and Exchange Commission (SEC) of Thailand is taking steps to protect crypto investors from misleading advertisements. On April 29, the Thai SEC issued a warning to all operating crypto exchanges, urging them to comply with advertising standards and refrain from glamorizing crypto investments. The Deputy Secretary-General of the SEC, Anek Yooyuen, expressed concern about exchanges offering special privileges to attract users. According to Yooyuen, ads that contain false or misleading information violate Thailand’s regulations.
Similar measures have been taken by regulators in other crypto markets to minimize losses from investments. The UK Financial Conduct Authority (FCA) issued 450 alerts for illegal crypto ads in 2023, while Spain’s National Stock Market Commission (CNMV) called out fraudulent crypto asset promos and reminded companies to comply with laws. In line with these efforts, the Thai SEC reminded crypto exchanges to include appropriate warnings about investment risks and avoid enticing new users with special promotions.
The SEC’s advertisement guidelines aim to protect investors from unwarranted risks. Yooyuen emphasized that offering rewards to entice people to use a service without considering the investment risks, especially with cryptocurrencies, is a concern. Violating these guidelines will result in punishment according to the law. To comply with Thai advertising regulations, businesses and advertisers are required to substantiate the “facts” presented in their campaigns.
Recently, hackers exploited advertisements on Etherscan, a popular blockchain explorer, redirecting users to phishing sites to drain their crypto wallets. Scam Sniffer, a blockchain investigating firm, attributed the large-scale phishing campaign to a lack of oversight by advertisement aggregators. Etherscan aggregates ads from platforms like Coinzilla and Persona, where insufficient filtering could expose users to phishing attempts. The scam involves luring users to fake websites and persuading them to link their crypto wallets, allowing scammers to withdraw funds without user authentication or permission.
This is great news! It’s about time the Thai SEC takes action to protect crypto investors. 👏🏻🙌🏻
Overall, I’m really impressed with the efforts being made to protect crypto investors. It’s essential to create a safe and transparent environment within the crypto market.
I don’t understand why some exchanges think it’s okay to mislead investors with false information. These regulations are necessary to maintain transparency and protect people.
I totally agree with Yooyuen that offering rewards without considering investment risks is a concern. It’s crucial for investors to be aware of the risks associated with cryptocurrencies. Punishing those who violate the guidelines will ensure a safer environment for investors.
How can hackers exploit advertisements to drain people’s crypto wallets? This is a huge security issue that needs to be addressed immediately!
How can some companies still try to promote fraudulent crypto assets? It’s a shame that reminders are needed for companies to comply with laws.
I hope these warnings about investment risks in crypto ads will make people think twice before jumping into investments. We need more awareness!
It’s so frustrating that these exchanges try to glamorize crypto investments. People need to be aware of the risks instead of being enticed by special privileges.
The punishment according to the law should be strict to deter those who violate the SEC’s advertisement guidelines.
It’s alarming to see how many illegal crypto ads were issued by the FCA in just one year. We really need stricter regulations in place.
It’s frustrating to hear that the lack of oversight by advertisement aggregators contributed to this phishing campaign. We need better systems in place to protect users.