Phawut urges the Securities and Exchange Commission (SEC) to clarify whether the Binance hack affects Thai customers and submits four proposals for the government to tighten cybersecurity and compensate for damaged digital assets, ensuring investor protection in Thailand's digital asset market.
On 30 Oct 2026 GMT+7, Phawut Pongwittayapanu, a party-list MP from the People’s Party, commented on reports of a major cybersecurity incident involving Binance, the world's largest digital asset trading platform. The breach reportedly involved theft of data and assets worth up to 5.8 billion USD, nearly 190 billion baht. He noted that if confirmed as a hack, this would be the largest digital asset theft in history, raising serious concerns among Thai citizens conducting online transactions.
Phawut explained that although Binance.com’s foreign operations and Binance Thailand, or 'Binance TH,' are separate legal entities—with the Thai branch licensed and regulated by the SEC—there is no report yet of Thai customer assets being affected. However, the public seeks clarity on whether the two platforms share data systems, digital asset custody, or security technology. If the foreign system crashes or its database is breached, will this have technological repercussions on Thai investors' funds? Phawut urged the SEC and Binance TH's licensed operators to promptly provide clear technical details to the public.
Phawut recommended four precautions to reduce the risk of data theft for digital asset platform users: 1. Avoid panic-driven rapid asset transfers, especially if receiving suspicious emails or SMS with links soliciting transactions to other accounts; 2. Enable multi-factor authentication (MFA) and restrict transaction settings to approved coordinates and destination accounts only; 3. Diversify assets instead of holding all funds on one platform; and 4. Regularly monitor login history and financial transactions for unusual activity.
Phawut further stated that even with user vigilance, if damage results from internal platform system vulnerabilities exploited through software loopholes, users should not bear sole responsibility. He submitted four urgent policy demands to the SEC and relevant agencies for proactive regulatory measures.
First, urgently assess the technological risk status of Binance TH and all its business partners in Thailand to determine if their software or databases connect with Binance.com systems, enabling timely evaluation of security levels and potential impacts on Thai assets.
Second, conduct security audits of all licensed digital asset trading platforms in Thailand to test whether their systems can effectively limit damage and halt abnormal transactions when facing hacking attempts or new forms of theft.
Third, establish a reliable central database and cyber environment alert channel to promptly inform the public with straightforward facts when abnormal events occur, avoiding reliance on rumors spreading on general online platforms.
Fourth, review the appropriateness of legal criteria regarding cash reserves, liquid assets, and insurance contracts to ensure clear legal guarantees that operators will be fully responsible for customer losses if systems are breached and assets stolen.
"Today, our lives, personal data, and assets are increasingly stored in digital systems—whether banking apps, crypto trading platforms, or personal cloud storage. As technology advances, security must keep pace, and government agencies must act proactively to protect the public before damage occurs. Having strong preventive systems from the start is far better than chasing perpetrators and recovering assets after losses happen," Phawut said. Phawut concluded his remarks, emphasizing the need for swift government action to safeguard digital asset users in Thailand.