Thailand’s Securities and Exchange Commission (SEC) has filed criminal complaints against five individuals for allegedly running unlicensed Worldcoin trading services.

The cases were lodged with the Economic Crime Suppression Division after the regulator found that the individuals engaged, or jointly engaged, in offering Worldcoin trades.

The SEC said they also shared related information in Thai through social media and presented themselves as operating a digital asset dealing business outside digital asset exchanges.

Those named are Sarida Jittaueafuea, Mongkol Chantarach, Piyamat Notee, Natcha Rungkassattra, formerly known as Thidarat Rungkassattra, and Taksaporn Kajornpap.

The SEC said the conduct breaches Section 26 of the Emergency Decree on Digital Asset Businesses 2018 in conjunction with Section 83 of the Criminal Code and is punishable under Section 66 of the decree.

The matter will proceed through investigation by inquiry officials, prosecution by the public prosecutor and adjudication by the courts.

The SEC said it will monitor the proceedings and work with relevant agencies to support enforcement.

The regulator warned that users of unlicensed digital asset services are not protected under the law and may face risks including fraud, scams and misuse of funds for money laundering.

Investors can verify licensed digital asset businesses on the SEC website or through the SEC Check First application.

The Investor Alert section lists individuals or entities not regulated by the SEC, while suspicious activity can be reported via the SEC Complaint Center hotline 1207 or the regulator’s official online channels.

Featured image: Edited by Fintech News Singapore, based on image by Freepik