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Thailand Cracks Down on USDT Transactions in Fight Against China-linked Criminal Networks
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The Diplomat
Bangkok has been evolving toward measures that target the financial infrastructure used by region-spanning criminal networks.
On July 12, Bank of Thailand (BOT) Governor Vitai Ratanakorn announced that the BOT would begin auditing high-volume Tether (USDT) transactions.
It suggests that Thai authorities are increasingly intent on disrupting the payment systems that make said criminal ecosystems possible.
Despite the substantial political and economic relationships between China and Thailand, Thai policymakers remain increasingly wary of China’s expanding influence.
In fact, China itself has advocated for the dismantling of these criminal networks, particularly due to Chinese citizens being direct and indirect victims of these crimes, and has put pressure on Thailand to do so.