Thomas Daniels
Thailand’s Securities and Exchange Commission (SEC) has announced it will block five major cryptocurrency exchanges—Bybit, OKX, CoinEx, 1000X, and XT.COM—from operating in the country starting June 28, 2025. The decision comes as part of a broader regulatory crackdown on unlicensed digital asset platforms, driven by concerns over investor protection and the prevention of illicit financial activities.
The SEC’s action is grounded in the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes, which took effect on April 13, 2025. This legislation empowers the Ministry of Digital Economy and Society (MDES) to restrict access to unauthorized digital asset service providers. Following an internal investigation, the SEC filed formal complaints against the exchanges, citing violations of the Digital Asset Business Act for operating without valid local licenses.
Investors currently using these platforms have been urged to withdraw their assets before the June 28 deadline. The regulator emphasized that continued use of unlicensed exchanges not only places investors outside the protections of Thai law but also exposes them to heightened risks, including fraud and money laundering.
Bybit has responded by stating its commitment to regulatory compliance and has initiated dialogue with relevant authorities to seek clarity. OKX has not issued a public statement.
Despite this enforcement action, Thailand continues to support regulated digital innovation. The Ministry of Finance recently revealed plans to issue $150 million in digital investment tokens for retail investors, intended for purchasing government bonds. Moreover, in March, regulators approved the listing of Tether’s USDt and Circle’s USDC stablecoins on licensed cryptocurrency exchanges, further integrating digital assets into the financial system under a structured regulatory framework.
