Russians Operated Illegal Crypto Exchange in Thai Cannabis Store
Officers from the Department for Combating Technological Crimes discovered that Russian nationals were illegally trading cryptocurrency in a cannabis shop in Thailand.
Cannabis Sellers Set Up Underground Crypto Exchange
Thai police traced the Russians through the website of the offline exchange Bit Money Group, which allows users to convert fiat currency into digital assets in eight countries, including Russia, the UAE, Turkey, and Kazakhstan. In Thailand, the company operates in Bangkok, Pattaya, and other cities.
The Bit Money Group website listed contact phone numbers linked to bank accounts registered to Ibragim Gaitukiev and Maksim Varyukhin. After uncovering this information, authorities determined that Gaitukiev and Varyukhin owned the Plantasia Cannabis Collective on the island of Phangan. Law enforcement then obtained a search warrant and, on April 4, conducted raids at the shop and the suspects’ residences.
Although police did not find anything illegal during the search, they noticed a sign at the counter offering customers cryptocurrency exchange services. Ibragim and Maksim admitted that they had been buying and selling digital assets to visitors without the required license. As a result, they were charged with operating an illegal digital asset business. For this offense, the Russians face up to five years in prison and a fine of up to 500,000 baht (about 1.3 million rubles).
Thailand Plans to Ban Recreational Marijuana
In June 2022, Thai authorities legalized industrial hemp containing up to 0.2% THC. This led to a rapid expansion of the cannabis industry, and according to Health Minister Cholnan Srikaew, there are now about 20,000 cannabis shops in the country, many of which illegally sell marijuana and THC-rich edibles. This has resulted in a significant increase in cannabis consumption.
To curb the growing popularity of marijuana, the government plans to issue a decree by the end of 2024 banning the recreational use of cannabis. Individuals caught smoking marijuana for fun will face fines of up to 60,000 baht (about 152,400 rubles). Those caught selling or advertising recreational cannabis could face up to 12 months in prison and fines of up to 100,000 baht (about 254,000 rubles). Farmers growing cannabis without a permit could be sentenced to up to three years in prison and fined up to 300,000 baht (about 762,000 rubles).