Key Takeaways
- The SEC said the block is intended to protect local users and prevent the use of unregulated platforms for money laundering and fraud
- The regulator filed formal complaints with the Ministry of Digital Economy and Society (MDES), citing violations of the Royal Decree on Digital Asset Businesses
Ramping up its regulatory crackdown, Thailand’s Securities and Exchange Commission (SEC) will block five crypto exchanges — Bybit, OKX, CoinEx, 1000X, and XT.COM — for allegedly offering services in the country without authorization. The restriction will take effect on June 28.
The regulator filed formal complaints with the Ministry of Digital Economy and Society (MDES), citing violations of the Royal Decree on Digital Asset Businesses. The SEC stated that these platforms breached Thai law by operating digital asset services without a valid local license.
This enforcement measure follows the Royal Decree on the Prevention and Suppression of Technological Crime, which came into effect on April 13. The decree provides Thai authorities with expanded powers to block digital services linked to illegal financial activities, particularly unlicensed foreign exchanges targeting Thai investors.
The SEC in its statement said the block is intended to protect local users and prevent the use of unregulated platforms for money laundering and fraud. It emphasized that funds held on unauthorized exchanges are not protected under Thai law, increasing the risk for retail investors.
The agency is coordinating with the Economic Crime Suppression Division to pursue legal action and urged the public to verify the legitimacy of trading platforms through the SEC’s official website.
Thai lawmakers have recently taken a stricter stance on cryptocurrency oversight. The government approved amendments earlier this year to tighten control over foreign crypto platforms and enforce compliance. The SEC has also flagged concerns about mule accounts used for cybercrime, with the new law imposing penalties of up to three years in prison or fines of up to 300,000 baht for offenders.
This move comes amid other crypto-related developments in Thailand. The Finance Ministry recently announced plans to issue $150 million in investment-grade crypto tokens to the public. The SEC is also considering the listing of local Bitcoin exchange-traded funds.
