Thai banks have frozen 3 million accounts suspected of being used by scammers as money “mules.” Innocent businesses and vendors are also affected, with new methods of money laundering being exploited. The Bank of Thailand warns more freezes may occur as the crackdown widens, but assures the public that suspensions are temporary.

Chinese-affiliated call centers have targeted Thailand with online scams, impacting expatriates who have been debanked or locked out of banking services. Residents now face stricter KYC procedures. Bitcoin supporters see the freeze as a marketing opportunity for cryptocurrencies. However, Thai laws currently outlaw the use of digital currencies for payments.

The Thai central bank imposed transfer limits and froze accounts to combat call center fraud. Merchants have stopped accepting QR payments, and account holders are reportedly withdrawing funds over fears of freezes. The central bank is in talks with authorities to find a workaround to restore access to law-abiding account holders amidst growing public concern.

Read more at Cointelegraph: Thai Banks Freeze 3 Million Accounts In Anti-Scam Crackdown