Thailand's SEC Cracks Down on Unlicensed Crypto Platforms

Thailand's Securities and Exchange Commission (SEC) will block access to five cryptocurrency exchanges including industry giants Bybit and OKX starting June 28. The regulatory move follows investigations revealing these platforms operated without proper licenses under Thailand's Digital Asset Business Law.

Affected Platforms and Investor Advisory

The blacklist includes Bybit, OKX, 1000X, CoinEx and XT.COM. 【SEC officials】 confirmed the decision aims to "protect investors and combat illegal platforms potentially used for money laundering." The agency strongly advised users to withdraw assets before the June 28 shutdown deadline.

——This marks Thailand's most significant crypto enforcement action since April's Royal Decree on Technology Crimes took effect——

Legal Framework Behind the Ban

The Ministry of Digital Economy and Society (MDES) gained authority to block unauthorized platforms under new cybersecurity rules. The SEC's complaint cites violations of the Digital Asset Businesses decree, specifically 【operating without local licenses】. Thailand recently approved stricter measures against foreign P2P crypto services, classifying them as digital asset exchanges.

Exchange Responses and Compliance Efforts

Bybit told media it's "proactively engaging with regulators" while maintaining commitment to compliance. OKX remained silent on the allegations. Notably, the ban contrasts with Thailand's approval of 【USDT and USDC stablecoins】 for regulated exchanges in March.

Thailand's Dual Approach to Crypto

While cracking down on unlicensed operators, Thailand continues embracing blockchain technology. The government plans to: • Issue 【$150 million】 in tokenized bonds • Allow tourist crypto spending via linked cards • Develop digital investment products

Financial analysts suggest the moves reflect careful balancing between innovation and consumer protection. As one Bangkok-based fintech expert noted: "The message is clear - play by the rules or don't play at all."

Global Regulatory Context

Thailand joins several Asian markets tightening crypto oversight. The decision comes as regional competitors like Singapore and Japan implement similar licensing regimes. Meanwhile, Thai regulators continue approving blockchain initiatives, including a recent 【Tether Gold】 listing on licensed exchange Maxbit.

The SEC warned investors against using unlicensed services, noting they offer no legal protection against scams or financial crimes. Industry observers expect more exchanges to seek formal approval as Thailand's digital asset framework matures.