Thai SEC Warns Crypto Exchanges Against Glamorizing Investments, Emphasizes Advertising Compliance
The Securities and Exchange Commission (SEC) of Thailand is taking measures to protect crypto investors from misleading advertisements.
On April 29, the Thai SEC issued a warning to all operating crypto exchanges, urging them to refrain from glamorizing crypto investments and to comply with prescribed advertising standards, according to a report from Bangkok Post .
Deputy Secretary-General Anek Yooyuen expressed the SEC’s concern about crypto exchanges offering special privileges to attract users.
According to the report, crypto advertisements that contain false, exaggerated, distorted, concealing, or misleading information are in violation of Thailand’s regulations.
The move by the Thai SEC aligns with similar actions taken by regulators in other prominent crypto markets.
For instance, the United Kingdom’s Financial Conduct Authority (FCA) issued 450 alerts for illegal crypto ads in 2023 alone.
Additionally, in November 2023, Spain’s National Stock Market Commission (CNMV) called out fraudulent crypto asset promotions and emphasized the obligation of companies to comply with local laws.
The SEC reminded crypto exchanges to include appropriate warnings about investment risks in their advertisements and cautioned against onboarding new users through special promotions.
Yooyuen highlighted that the SEC’s advertisement guidelines aim to protect investors from unwarranted risks, stating that enticing users with rewards without considering investment risks, especially in the case of cryptocurrencies, can be problematic.
Violations of the guidelines will result in punishment according to the law.
Thai advertising guidelines require businesses and advertisers to substantiate the “facts” stated in their
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