Thailand’s central bank just turned its attention to one of crypto’s most widely used tokens, and the findings are raising eyebrows. The Bank of Thailand and the Securities and Exchange Commission have launched joint audits into high-volume USDT transactions, part of a broader effort to squeeze grey economy activity out of the country’s financial system.
Governor Vitai Ratanakorn announced the probe on July 11, with enforcement expected to ramp up significantly in the fourth quarter of 2026. The target: transactions structured to obscure ownership or sidestep compliance protocols.
The numbers behind the crackdown
USDT accounts for 52% of Thailand’s total digital asset trading volume. A January investigation revealed that roughly 40% of USDT sellers on Thai platforms were foreign nationals.
New regulations introduced in April 2026 now require proof of funds for any cash deposit exceeding 5 million baht, roughly $140,000. High-value cash withdrawals dropped by 35% after the rules took effect.
