Thailand’s Securities and Exchange Commission (SEC) announced on June 28, 2025 that it would block access to five major cryptocurrency exchanges, Bybit, 1000X, Coinex, OKX and XT.com, to operate without a license.
This move is part of a broader effort to curb and protect investors’ laundry. This is one of the most important enforcement measures against unauthorized digital asset platforms in the country.
Thailand cracks down on unauthorized crypto platforms
The SEC said these exchanges are serving Thai users without complying with the Digital Assets Business Act. Regulators are also suing the Economic Crime Control Unit (ECD) against the platform.
“This is to protect investors and use unauthorized digital asset trading platforms as money laundering channels,” the statement said.
The Ministry of Digital Economy and Society (MDES) will implement technical measures to restrict local access to these exchanges starting June 28, 2025. Regulators advised that these platforms be used to withdraw assets before deadlines to avoid potential losses.
“The SEC warns the public and investors to be aware of services from fraudulent digital asset operators as they are not legally protected and may be at risk of fraud (fraud), and there is also the risk that these platforms can be used for money laundering,” the SEC added.
Decided This will continue from the April 2024 meeting. Thailand’s Committee on Prevention and Control of Technical Crimes and MDES have decided to restrict access to fraudulent digital asset service providers. The goal was to strengthen law enforcement efforts and prevent criminal activity.
Additionally, in April 2025, the government enacted a royal statute on measures to prevent and control technology-related crime. MDES has granted its expanded authority and shut down unauthorized digital services.
The SEC’s recent initiative demonstrates its commitment to implement compliance following previous actions. Beincrypto reported earlier this year that the Technical Crime Control Division (TCSD) had proposed blocking polymakes.
Thailand in particular stands out as one of the world’s largest crypto markets. According to ledger data, one in five Thai citizens owns the code. In fact, the government is actively working to embrace digital assets and promote responsible innovation.
Last year, the government lifted value-added tax (VAT) on domestic cryptocurrency transactions. Furthermore, efforts are continuing to promote a favorable crypto environment.
According to local media reports, Thailand is currently exploring an initiative that will allow tourists to use their digital assets for domestic spending via credit cards.
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