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Thailand’s SEC Bans Crypto Companies from Offering Stake Services

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Thailand's Securities and Exchange Commission (SEC) has banned crypto companies from offering staking and lending services to protect traders from the risks associated with crypto lenders.

CryptoNews Web3 BTC ETH Thailand SEC Staking Celsius Babel Zipmex

(2/5) The decision to ban "depository services", was created to shield traders from the dangers connected with crypto lenders, which include paying returns to depositors.

(3/5) Following a dip in the cryptocurrency market, where bitcoin and Ethereum have lost over 50% of their value since the beginning of the year, several crypto lenders, including Celsius Network and Babel Finance, have frozen withdrawals during the previous few months.

(4/5) Another struggling firm, Zipmex exchange, is among many that have also stopped accepting withdrawals.

The Thai SEC filed a police complaint after Zipmex missed the deadline to deliver transactional information and was questioned regarding the withdrawal freeze in July.

(5/5) It’s understandable why Thailand has taken such a stance to protect its citizen, however, is this the best course of action? Let us know what you think in the comments!

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This post is based on this twitter thread.

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