Thailand ‘Speed Bump’ slows down crypto mule accounts

The Thai Digital Asset Operators Trade Association (TDO) has stepped up its efforts to combat illegal money laundering through mule accounts. Over 10,000 suspected accounts have been frozen under the association’s newly implemented “Speed Bump” measure, as reported by the Bangkok Post.

The said mule accounts were alleged to be one of the most serious vulnerabilities of ‘crypto,’ Chief Executive of KuCon Thailand and Chairman of the TDO, Att Thongyai Asavanund, said.

Criminal organizations often spread illegal funds across multiple bank accounts before consolidating them into a single account to transfer to a digital currency exchange. These funds are then converted into digital currencies and sent abroad. Although blockchain can track wallet addresses and transaction streams, Asavanund pointed out a significant limitation: uncovering the actual beneficial owner of a wallet remains very challenging.

“We may see the wallet address and the movement on the blockchain, but we often do not know who actually controls it,” he explained.

To resolve the issue and slow down the illicit fund flows, the TDO has implemented “Speed Bump,” a 24-hour transaction lock on transfers of over 50,000 baht ($1,586).

During this period, users are mandated to complete additional know-your-customer (KYC) checks before releasing funds. This measure was designed to disrupt the speed of criminal activities that rely on the movement of money before detection, and the association said it has resulted in the suspension of thousands to tens of thousands of accounts suspected of being mule accounts. Bad actors tried to avoid the Speed Bump controls by recruiting new individuals to open replacement accounts once older ones are blacklisted.

In addition to Speed Bump, the TDO is working alongside authorities like the Bank of Thailand (BoT) to strengthen its security safeguards. Business owners in the country are also encouraged to adopt blockchain analytic tools to determine if the wallets they are transacting with are linked to illicit activity or appear on international watchlists.

Thailand’s additional blockchain security in the past years

In February 2025, the SEC, together with the TDO and key agencies, including the Bank of Thailand and the Anti-Money Laundering Office, held a workshop to strengthen measures against digital asset mule accounts. The session focused on preventing investment scams, blocking money laundering, and restricting transactions for individuals identified as holders of the mule accounts.

“Over the years, the SEC has been working closely with the TDO and digital asset business operators to prevent the misuse of digital assets as a channel for money laundering by criminals,” said SEC Deputy Secretary-General Jomkwan Kongsakul. The workshop has established guidelines for data-sharing between digital asset operators, banks, and law enforcement on top of expediting the timeframe of identifying mule accounts.

In other security measures, the government of Thailand has introduced WebD in July 2025, a new platform that uses artificial intelligence (AI) to combat illegal websites operating within the country, Deputy Prime Minister and Minister of Digital Economy and Society, Prasert Jantararuangtong, shared that WebD is part of the government’s efforts to tackle unlawful online content.

This innovative solution primarily employs Robotic Process Automation (RPA) to enhance the efficiency of website evaluations and evidence gathering. According to Jantararuangtong, the WebD automates collection of evidence and facilitates the submission of requests to courts, avoiding the lengthy traditional paperwork processes.

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