TL;DR
- Thai authorities raided a Worldcoin iris-scanning point in Bangkok and arrested individuals suspected of operating WLD tokens without a license.
- The operation, carried out jointly by the SEC and the CCIB, aims to prevent fraud and stop money laundering on digital asset platforms.
- Worldcoin distributes WLD tokens to users who verify their identity through iris scans using the project’s “Orbs” devices.
Thai authorities closely monitoring the World project, linked to Sam Altman, conducted a raid on an iris-scanning site in Bangkok.
The operation was executed jointly by the Thai Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB). The raid led to the arrest of suspects allegedly providing WLD token exchange services without a license. Authorities aim to stop potential fraud and money laundering associated with platforms operating outside Thailand’s legal framework.
The targeted site was connected to the distribution of WLD tokens, the native cryptocurrency of the World project, given to users who complete identity verification through iris scans at the project’s Orbs.
Worldcoin Operates 102 Iris-Scanning Points in Thailand
World operates 102 such points in Thailand and states that token distribution is only carried out in jurisdictions where it is legally permitted, taking into account geographic and age restrictions. However, the SEC found that WLD trading was offered without the required licenses, violating Sections 3, 26, and 66 of Thailand’s digital asset laws.
Converting Cryptocurrency into Baht
The SEC had already warned about the risks of using unregulated platforms and the potential for scams. During a press conference following the raid, SEC Deputy Secretary-General Jomkwan Kongsakul said that collaboration with the CCIB improved law enforcement effectiveness and helped protect users from the lack of legal safeguards. The agency emphasized that any project promoting cryptocurrency or digital asset services in Thailand must comply with existing regulations.
The Thai government launched a pilot program for tourists allowing cryptocurrency to be converted into baht, limited to 550,000 baht per person to prevent abuse and facilitate the detection of money laundering attempts. Conversions must be conducted through registered exchanges and deposited into digital wallets that can be used at local businesses, aiming to boost tourist spending
