Bank of Thailand reveals that the investment in FOREX is illegal – repeats that it has never issued a license
On 19 September, Mrs Alisara Mahasantana, Assistant Governor of financial market line Bank of Thailand (BOT) revealed that it has clarified the news that people have suffered from being deceived to invest in foreign currency. Or speculating on the exchange rate (FOREX) claiming that it gives high returns. But no money is invested or made in foreign currency transactions. and looks like a chain share which in the end cannot receive a refund as follows
1. According to the Foreign Exchange Management Act Citizens are required to carry out foreign exchange transactions only with business operators licensed by the Minister of Finance, and currently, the license has never been issued to the public. To trade foreign currency for investment or speculation in the form of FOREX trading on the platform or website (Foreign Exchange Management Act BE 2485 and its amendments).
2. Doing business or participating in FOREX transactions in Thailand, which is currently not allowed, such as providing money transfer services to pay for FOREX transactions domestically and internationally. Offenses under the Exchange Control Act.
3. Persons who are not allowed to operate a foreign currency business but have advertised or invited people to trade in foreign currency Foreign exchange speculation or FOREX trading will be an offense under the Fraudulent Public Lending Act (Act. Kor. Fraudulent Public Lending Act, BE 2527 and ‘to reforms).
In addition, in the case of FOREX 3D, from the information disclosed by the Department of Special Investigations Can use the current law to report allegations to related persons as follows: 1. Fraudulent lending collusion against the people in accordance with the Act on Lending Fraudulent People BE 2527 and that Amendment 2. Fraudulent people under the Criminal Code and 3. Jointly importing false information into a computer system. which causes damage to the people according to the Computer Crimes Act BE PTT has cooperated in providing information that is under responsibility. According to the Special Investigations Department and relevant agencies they were fully questioned.
“In the past, the BOT has issued a news warning to the public to be careful not to trust the solicitation to invest in foreign currency. Or speculating on the exchange rate continuously throughout. to prevent people from becoming victims of scams,” said Ms Alisara.
If there are any questions relating to foreign currency transactions people can ask the Exchange Bank’s Policy and Supervision Department, call 02 356 7799, or the Bank of Thailand’s Financial Consumer Protection Center, call 1213, or check the list of those who have authorized to operate under the supervision of the Bank of Thailand in BOT License Check to prevent fraud