“Russian National Detained for Operating Unlicensed Cryptocurrency Exchange in Koh Phangan” – Bangkok Post

SURAT THANI: Police have apprehended a Russian citizen accused of illicitly conducting cryptocurrency trade services on the island of Koh Phangan.

Ibragim Gaitukiev, aged 36, was detained within a residence situated on Sri Thanu beach in tambon Koh Phangan, as reported by Pol Maj Gen Sermphan Sirikhong, the provincial chief of police in Surat Thani, on Friday.

This arrest is the culmination of an investigation into claims that the en-samui.bitmonyekb.com website had been actively promoting the purchase and sale of digital currencies in the districts of Koh Samui and Koh Phangan. Phone and WhatsApp numbers listed on the site were associated with the banking accounts of Mr. Gaitukiev and another international resident, Maksim Variukhin, as per the Surat Thani police commander.

Further inquiries uncovered that both individuals held executive roles in OM 118 Co on Koh Phangan, Surat Thani. The company’s operations were conducted from a house on Sri Thanu beach which was identified as their official establishment.

This particular property also hosted a cannabis store named “Plantasia cannabis collective,” prominently marked by a “Bitcoin” sign at the storefront, prompting the police to infer it as the location used for the cryptocurrency transactions advertised on the website. Following these findings, law enforcement was able to secure a search warrant from the Samui Provincial Court and carry out an inspection of the venue on Thursday.

Present at the time of the search, Mr. Gatukiev declared to the authorities that he was the proprietor of said establishment.

The search concluded with the authorities not recovering any unlawful substances at the cannabis store, although they encountered promotional materials pertaining to the cryptocurrency trade.

Eventually, Mr. Gaitukiev was taken into custody on charges of operating an unauthorized cryptocurrency exchange.

When interrogated, he purportedly conceded that he, along with Mr. Variukhin, had been providing digital currency services to travelers.

Following the charge, Mr. Gatukiev was escorted to the local Koh Phangan police station for further legal proceedings. The police, however, did not disclose any additional information about the involvement of the second foreign national.

Authorities inspect a cannabis establishment on Koh Phangan, Surat Thani that also facilitates currency exchanges for cryptocurrencies. (Photo: Surat Thani police)