UPDATE: EX24 currency exhange has asked The Phuket News to publish the following clarification:
“Upon a careful review of the CIB’s statements regarding this matter, we would like to emphasize that no charges have been brought against EX24. Our office was mentioned solely as one of the locations where CIB activities took place.
“We believe it is important to clearly state that, according to the CIB’s official statements, EX24 is not accused of any wrongdoing related to the described events.”
Original story continues...
The companies ‒ named by the Central Investigation Bureau (CIB) as ‘Ex24.pro’ and ‘Cryptopida’ ‒ were among eight locations targeted in a coordinated operation led by the CIB’s Economic Crime Suppression Division (ECD).
The raids, carried out under the court-issued warrants issued on Apr 18, form part of ‘Operation Crypto Phantom’, a national campaign to dismantle underground financial networks moving billions of baht through illegal digital asset exchanges, the CIB explained in a report posted online.
In total, four sites in Phuket were searched, including a commercial building in Moo 10, Chalong, and another in Patong, which operated under the name ‘Money Markets’.
Of note, several of the ‘shops’ raided featured Russian language among their signage inside their exchanges.
The exchanges were engaged in ‘hand-to-hand’ cryptocurrency transactions ‒ particularly involving USD Tether (USDT) ‒ conducted outside of licensed platforms to avoid financial oversight and taxation, the CIB report said.
According to investigators, such unregulated services are often exploited by criminal groups to launder money and funnel funds into illicit activities such as narcotics trafficking and call centre scams.
Preliminary analysis of financial data has uncovered more than 1,000 suspicious transactions, totaling over 425 million USDT, equivalent to more than B14 billion, the CIB report noted.
Further raids were also conducted in Chon Buri and Bangkok, including private residences and front companies posing as currency exchanges and family service centres.
One such location, operating under the name ‘Hua Pi Tui Huan Chang’ (货币兑换 Exchange), was found in Bangkok’s Huai Khwang District.
CIB officers are continuing to examine digital evidence and financial records seized during the raids.
Additional arrests and asset seizures are expected as the investigation progresses, said the report.