Key Notes
- Bybit, OKX, and three others face a nationwide ban in Thailand.
- The SEC warns investors to withdraw funds ahead of the June 28 deadline.
- Platforms were found operating without licenses under Thai law.
Thailand’s Securities and Exchange Commission (SEC) has announced that crypto traders in the country will be barred from accessing five major cryptocurrency exchanges — Bybit, CoinEx, OKX, 1000X, and XT.com — starting June 28.
The move follows allegations that these platforms are operating without proper licensing in violation of Thailand’s Digital Asset Business Act. The Thai SEC has filed formal complaints with the Economic Crime Suppression Division and urged the Ministry of Digital Affairs to enforce a nationwide ban on these exchanges.
In a public advisory, the SEC warned investors to promptly withdraw their funds before the restrictions take effect. The regulator also reiterated the importance of using government-approved platforms to ensure investor protection.
This development is part of a broader clampdown by Thai authorities to combat crypto-related crime. In April, the Thai government introduced amendments to several national laws aimed at curbing online financial fraud.
The new rules mandate crypto asset service providers (CASPs) to identify and report suspicious transactions, especially those connected to scams, and suspend such accounts. The amendments also give regulators the authority to block foreign platforms from serving Thai users if they are found to be non-compliant.
Thailand Keeps Embracing Crypto
While enforcement is tightening, Thailand is not turning its back on crypto innovation. Finance Minister Pichai Chunhavajira recently revealed a new project that would allow tourists to spend cryptocurrency in the country by linking their crypto wallets to credit cards.
The move, currently under review by the Ministry of Finance and the Bank of Thailand, is part of a broader effort to modernize the country’s financial infrastructure.
According to reports, the Thai Ministry of Finance is also issuing $150 million in digital investment tokens to retail investors. These tokens will act as a new vehicle for purchasing government bonds and are set to launch by July.
Earlier in 2025, the Thai SEC announced plans to launch a tokenized securities trading system to boost market transparency. By early February, the agency had already approved four digital token projects and was reviewing two additional proposals for the platform.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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