Ms. Chayawadee Chayanan, Assistant Governor of the Corporate Communications Group at the Bank of Thailand (BoT), clarified that the BoT has never had a policy to issue licenses for businesses providing foreign exchange trading or investment services (FOREX). Therefore, operating FOREX businesses, including services receiving or sending payments for FOREX transactions domestically or internationally, violates the Exchange Control Act B.E. 2485 (1942). Penalties include fines up to 20,000 baht, imprisonment up to 3 years, or both.Both fines and imprisonment.
Additionally, individuals or entities who advertise, announce, or solicit public investment in FOREX trading for speculative purposes are committing offenses under the Anti-Loan Shark Act B.E. 2527 (1984), constituting fraud against the public.They face imprisonment.ranging from 5 to 10 years and fines from 500,000 to 1,000,000 baht, plus daily fines up to 10,000 baht for the duration of the offense.
For Payment Gateway operators, they are governed by the Payment Systems Act B.E. 2560 (2017), which requires them to know and manage risks related to their merchants (Know Your Merchant: KYM). This includes vetting merchants before onboarding and continuously monitoring transaction behavior. If any merchant exhibits suspicious or illegal activity, the operator must immediately suspend services to that merchant.
If the BoT finds a Payment Gateway operator neglects these duties, it has the authority to take graduated actions, such as ordering service suspension, imposing fines, or recommending the Minister to revoke licenses under Section 32 of the Payment Systems Act B.E. 2560.
“Regarding recent reports of FOREX businesses using Payment Gateway channels, the BoT is collaborating with the Department of Special Investigation (DSI) and relevant agencies to investigate whether these activities violate laws. If violations are confirmed, access to the websites or platforms will be blocked, and legal actions will follow.”
For payment acceptance via Alipay and WeChat Pay, the BoT mandates all regulated payment service providers to operate only in Thai baht. Violations empower the BoT to order corrections, impose fines under the Payment Systems Act B.E. 2560, suspend services, and recommend license revocation to the Minister of Finance.
Regarding direct yuan transfers via QR Codes through Alipay and WeChat Pay’s peer-to-peer (P2P) systems, these transactions occur on foreign service providers' platforms. When the BoT detects such activities, it refers cases to Alipay and WeChat Pay for account suspension. The BoT has coordinated with these providers to monitor usage and suspend accounts that use personal QR Codes for unauthorized commercial payments.
“From February 2025 to May 2026, over 5,000 accounts used for yuan transfers via P2P QR Codes have been suspended.”
However, if the public notices any FOREX business activities outside commercial banks, use of bank or e-money accounts for unauthorized FOREX transactions, or merchants accepting foreign currency payments without permission, they can report tips to the BoT complaint center at 1213. The BoT will investigate and coordinate with law enforcement agencies such as the Royal Thai Police and the DSI to prosecute offenders.
Read more news " Government Policy " here.