Thailand Suspends 10,000 Crypto Mule Accounts as New ‘Speed ​​Bump’ Law Targets Money Laundering

Thai digital goods operators set up 47,692 mule accounts in 2025 alone.

Thailand’s digital goods industry has stepped up its efforts to tackle money laundering linked to mule accounts.

Crypto exchanges in the Southeast Asian country have suspended more than 10,000 suspicious accounts under a new enforcement measure known as the “Speed ​​Bump,” according to the Thai Digital Asset Operators Trade Association (TDO).

A Big Push Against Money Laundering

While speaking to the Bangkok Post, Att Thongyai Asavanund, CEO of KuCoin Thailand and chairman of TDO, said that mule accounts remain the most vulnerable within the crypto ecosystem.

Criminal groups often move illegal funds through a network of multiple bank accounts before consolidating the money into a single account used to transfer funds to the crypto space. When funds arrive on the platform, they are quickly converted into digital assets and transferred overseas.

Although blockchain technology allows operators to track wallet addresses and monitor the flow of transactions across the network, Asavanund admitted that the biggest limitation remains the difficulty of identifying the real person who controls the wallet. He explained that although operators can see the wallet address and its activity on the blockchain, determining the true beneficial owner behind that address is often a major challenge.

To solve the problem and slow down the flow of suspicious funds, TDO introduced the Speed ​​Bump method, which imposes a 24-hour lock on transfers of 50,000 baht or more. During this holding period, users are required to complete additional background checks, including video verification, before funds are released.

According to Asavandund, the delay is designed to disrupt the speed that criminal networks rely on to move money through the system before it is detected. The agency said the enhanced vetting process has already led to the suspension of thousands to tens of thousands of accounts suspected of operating as mule accounts.

However, crypto operators face increasing compliance costs and operational pressures as they manage frozen accounts and investigate suspicious transactions. Criminal groups have also tried to circumvent these controls by recruiting new people to open replacement accounts when previously used accounts have been banned.

In addition to the Speed ​​Bump measure, TDO is working with authorities to strengthen broader safeguards within the financial system. These efforts include linking suspect databases to the Bank of Thailand’s payment system and law enforcement agencies to help screen individuals considered high-risk under different risk categories.

Other Industry Measures

Last August, Thailand launched a program called TouristDigiPay, which allows foreign tourists to convert cryptocurrency into Thai baht to pay during their stay. Under the scheme, visitors must open an account with a regulated digital asset business and e-money provider and complete strong identity checks.

In June, the government approved a five-year tax exemption on cryptocurrency profits for domestic traders to encourage more money to stay within the country. The decision followed a sharp drop in foreign income after the authorities introduced a stiff tax on foreign currency brought into Thailand last year. Meanwhile, the Thai Ministry of Finance said it is preparing to implement the Crypto-Asset Reporting Framework (CARF), which supports the global sharing of digital asset account data.