Thailand’s Securities and Exchange Commission (SEC) has taken a firm stand against illegal digital asset operations, launching legal action and preparing to block access to several well-known international crypto exchanges. In a move designed to shield Thai investors and clamp down on potential money laundering, the regulator is targeting platforms including Bybit, 1000X, CoinEx, OKX, and XT.COM.
According to the SEC, the platforms in question have been operating without proper licenses under Thailand’s Digital Asset Business Act B.E. 2561. A directive issued by the Ministry of Digital Economy and Society mandates that these exchanges be blocked from public access in Thailand starting June 28, 2025. The decision was made under the Royal Decree on Measures for the Prevention and Suppression of Technology Crime (No. 2) B.E. 2568.
The SEC emphasized that unauthorized digital asset exchanges present not only a legal concern but also a financial risk to the Thai public. By functioning outside the scope of regulatory oversight, such platforms leave investors unprotected and potentially vulnerable to fraud, scams, or the misuse of their funds.
To that end, the SEC filed criminal complaints with the Economic Crime Suppression Division (ECD), asserting that these exchanges were actively conducting business within Thailand’s jurisdiction without obtaining the required authorization. The complaint specifically mentions that the platforms facilitated crypto trading and investment activities despite lacking official approval—a clear breach of Thai regulatory law.
One of the most prominent names caught in the regulatory crossfire is OKX, operated by Aux Cayes FinTech Co. Ltd. This isn’t the first time OKX has come under scrutiny in Thailand. The SEC had already filed a criminal complaint against the company and nine individuals associated with promoting the exchange on various platforms including Telegram, Line OpenChat, and Twitter (now X), under Thai-language community handles.
Evidence from October 15, 2021, showed that OKX facilitated trading and exchange of digital assets while charging fees, all without a license. The nine individuals charged were accused of helping promote the platform’s services without ensuring regulatory compliance, thereby violating Section 26 of the Emergency Decree on Digital Asset Businesses. They could now face penalties under Section 66 of the same decree, with possible criminal consequences as outlined in Section 86 of Thailand’s Criminal Code.
In response to the announcement, a spokesperson for OKX told Cryptopolitan that the company remains committed to maintaining regulatory standards and fostering a secure and transparent trading environment. “We respect local regulations in every jurisdiction we operate in and work closely with global regulators to combat financial crime, including money laundering,” the spokesperson said.
The SEC has encouraged Thai investors to verify whether a crypto business is legally recognized before engaging with it. For this purpose, the public can consult the SEC’s official website, the “SEC Check First” mobile application, or the Investor Alert list for red-flagged platforms and individuals.
Authorities have also opened channels for the public to report suspicious activities. Concerned citizens or whistleblowers can contact the SEC via the hotline (1207), the regulator’s Facebook page, or use the Live Chat module on the SEC website to submit tips or request investigations.
This crackdown by Thailand’s SEC sends a strong signal: the country is serious about protecting its citizens from unregulated digital asset operators. As the global crypto landscape continues to evolve, regulators in Thailand are asserting more control, balancing innovation with investor safety.
