Thailand’s Securities and Exchange Commission (SEC) has announced a significant move to block five unlicensed cryptocurrency exchanges from operating in the country. The list of affected platforms includes major international exchanges Bybit and OKX, along with CoinEx, 1000X, and XT.COM.
The nationwide block is scheduled to take effect on June 28, 2025. The primary reasons cited for this action are the exchanges’ operations without a valid local license, and concerns over the platforms being used for money laundering. The Thai SEC has stated that this measure is intended to protect investors from the risks associated with unregulated platforms, such as scams and fraud, as users of these services are not protected under Thai law.
The decision follows the implementation of the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes. The Ministry of Digital Economy and Society (MDES) will be responsible for enforcing the block.
In response to the announcement, a representative from Bybit has stated that the exchange is “committed to operating with transparency and in full compliance with local laws and regulations across all jurisdictions.” The exchange is reportedly in communication with the relevant regulators to seek further clarity on the matter. OKX has also affirmed its commitment to regulatory compliance and collaboration with governments and law enforcement agencies to prevent illicit activities.
This move comes as Thailand continues to develop its regulatory framework for digital assets. While the country is taking a firm stance against unlicensed operators, it has also shown interest in embracing cryptocurrency and blockchain technology in other areas. For example, there are reports of plans to allow tourists to spend cryptocurrency through credit card-linked platforms and to issue government-backed digital investment tokens.
