Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Thailand Regulators Raid Worldcoin Iris Scanning Site Over Licensing Violations

Thailand Regulators Raid Worldcoin Iris Scanning Site Over Licensing Violations

CryptonewslandCryptonewsland2025/10/24 19:06
By:by Wesley Munene
  • Thai authorities raided a WorldCoin iris scanning site in Bangkok for operating without a required license.
  • The raid targeted violations of Thailand’s digital asset laws, leading to arrests and potential criminal penalties.
  • SEC warns the public about unlicensed WorldCoin platforms, emphasizing strict compliance with digital asset regulations.

Thai authorities have raided an iris scanning location associated with the World project, which is linked to Sam Altman. The raid focused on concerns over the legality of World’s operations in Thailand, specifically its failure to obtain the proper licenses for its activities. The joint operation, led by the Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB), signals increasing scrutiny of World’s digital asset exchange services in the country.

Authorities Act Against Unlicensed Operations

On Friday, SEC and CCIB investigators targeted a Worldcoin site in Bangkok. The location was suspected of offering World’s WLD tokens without the required license. According to Thai law, digital asset businesses must be registered under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). 

Running such operations without proper registration can lead to severe criminal penalties. The raid resulted in the arrest of suspects accused of violating these regulations. The authorities took swift action to prevent potential fraud and money laundering risks tied to unregistered digital asset platforms.

Digital Asset Regulations in Thailand

Thailand’s digital asset laws mandate that any business dealing with cryptocurrencies must follow strict licensing procedures. The SEC’s investigation focused on whether Worldcoin had violated Section 26 of the Emergency Decree, which requires all digital asset businesses to be properly registered. The regulatory body emphasized that those engaging in digital asset exchanges must comply with the nation’s legal framework to ensure the protection of users and prevent illicit activities.

In response to the raid, the SEC issued a statement warning the public against dealing with unlicensed Worldcoin platforms. They stressed that individuals must avoid exchanging WLD tokens through unapproved services. The SEC’s surveillance unit has been actively monitoring operators involved in similar activities.

Ongoing Legal Challenges for Worldcoin in Thailand

World, formerly known as Worldcoin, distributes its WLD token in exchange for iris scans at designated orb locations. However, its operations in Thailand, where it runs 102 orb locations, have drawn increasing attention from regulators. The company claims to follow local laws and operates in regions where its activities are allowed.

Despite this, the raid reflects the growing pressure on World to comply with Thailand’s stringent digital asset regulations. The operation against World’s iris scanning location is just one of many steps regulators are taking to address potential violations. In a press briefing following the raid, SEC Deputy Secretary-General Jomkwan Kongsakul affirmed that the operation would help enforce the nation’s digital asset laws. 

She noted that law enforcement would continue to investigate unlicensed businesses offering crypto services to ensure users’ protection. As investigations continue, the SEC has made it clear that businesses promoting or offering digital asset services in Thailand must comply with the country’s regulatory requirements or face legal consequences.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

XRP News Today: XRP Whales Sell 70M, Retail Investors Drive Price Up by Absorbing Supply

- XRP whales sold 70M tokens in two weeks, yet price rose to $2.55 amid retail/institutional buying. - Whale holdings increased (12.65% at 1M-10M range) while futures funding rates turned positive, signaling bullish sentiment. - Technical indicators show bullish reversal patterns, but price remains below 50-day SMA and faces $2.60 resistance. - Regulatory delays (SEC ETF decisions) and macro risks persist, though institutional demand stabilizes via Evernorth's $1B Nasdaq listing plan.

Bitget-RWA2025/10/25 06:50

Solana Latest Updates: Optimism for Solana ETF Faces Challenges Amid Waning Momentum as $200 Approaches

- Solana's price hovers near $183 amid speculation about potential U.S. spot-SOL ETF approval following Hong Kong's regulatory green light. - Technical analysis shows mixed signals: a $200 breakout could drive momentum toward $230–$300, while support below $175 risks a pullback to $160–$165. - Despite 85% bullish community sentiment and institutional adoption potential, declining on-chain activity and regulatory uncertainties cloud near-term outlook. - Upcoming Solana Breakpoint conference in December will

Bitget-RWA2025/10/25 06:50
Solana Latest Updates: Optimism for Solana ETF Faces Challenges Amid Waning Momentum as $200 Approaches

XRP News Today: SEC Closure Delays Crypto ETFs Amid Rising Institutional Interest

- SEC's prolonged silence on crypto ETFs, including XRP and ADA, delays approvals amid government shutdown. - ProShares files diversified crypto ETF using swaps, reflecting growing institutional demand for regulated products. - Shutdown freezes critical reviews, leaving over 20 ETP filings in regulatory limbo despite market demand. - Analysts predict post-shutdown ETF surge but warn SEC's tokenization delays and governance risks persist.

Bitget-RWA2025/10/25 06:34
XRP News Today: SEC Closure Delays Crypto ETFs Amid Rising Institutional Interest