Thai police have arrested a 36-year-old Russian national, Ibragim Gaitukiev, for illegally providing cryptocurrency exchange services, according to the Bangkok Post.
The publication reports that the man was identified through online advertisements. The phone numbers listed in the ads, registered on WhatsApp, were linked to bank accounts belonging to Gaitukiev and his partner, Maxim Varyukhin.
Authorities discovered that the Russian citizens were operating a company called OM 118 Co on the island of Koh Phangan. They used a beach house as their office, which also housed the Plantasia Cannabis Collective store.
According to the publication, Gaitukiev admitted to providing cryptocurrency exchange services to tourists. He has been charged, though police have not disclosed any actions against the second Russian.
Earlier, Thai law enforcement arrested two Russian nationals on suspicion of cryptocurrency fraud that allegedly resulted in the deaths of several locals.
Back in February, the country’s authorities suspected five Russians of extorting $900,000 in digital assets.