Bybit and OKX Among Five Crypto Platforms Facing Ban in Thailand

Thailand’s Securities and Exchange Commission plans to block access to five major cryptocurrency exchanges, including Bybit, OKX, CoinEx, XT.COM, and 1000X, for operating without a license. The ban will take effect on June 28 and will cut off access for users in Thailand.

The SEC said these platforms have been offering digital asset trading services to Thai users without regulatory approval, violating the Digital Asset Business Act. It has filed charges with the Economic Crime Suppression Division and asked the Ministry of Digital Economy and Society to enforce the ban under current cybercrime laws.

The regulator warned that unlicensed trading platforms pose significant risks to investors and threaten the stability of the financial system.

Royal Decree Empowers Thai Authorities to Shut Down Unauthorized Crypto Platforms

Thailand’s recent crackdown on unlicensed crypto exchanges follows the implementation of a new Royal Decree aimed at combating technology-related crimes. Enacted on April 13, the law grants the Ministry of Digital Economy and Society the authority to block access to online platforms operating without proper approval. This legal foundation has allowed the SEC to act swiftly against foreign exchanges that continue to serve Thai users without a local license.

Related: Thailand Goes Crypto: Bitcoin Payments Arrive in Phuket

According to the commission, the five targeted exchanges were found to be offering services in violation of the Digital Asset Business Act. After filing charges with the Economic Crime Suppression Division, the SEC submitted all relevant platform data to the Ministry for enforcement. Access to the platforms will be technically restricted beginning June 28 to prevent further unlicensed activity.

The SEC stated that this move aligns with the new decree’s core purpose: protecting investors and stopping the use of unauthorized exchanges as potential tools for money laundering.

Users Urged to Act as Global Exchanges Face Rising Regulatory Pressure

The Thai SEC has advised investors to withdraw their funds from unlicensed exchanges before access is blocked on June 28. Users who continue to rely on these platforms risk losing access to their assets and are not protected under Thai law. The regulator warned that unauthorized exchanges can be used for scams and money laundering, putting users at further risk.

Bybit, one of the platforms facing a ban, has dealt with similar challenges in other markets. Earlier this year, it paid a fine in India and registered with the Financial Intelligence Unit before resuming operations. The exchange has since secured a MiCAR license in Austria, allowing it to serve users across 29 EEA countries.

Read more: Bybit: The Rise, Struggles, and Future of a Leading Crypto Exchange

OKX responded to the Thai SEC’s actions by reaffirming its commitment to regulatory engagement. The exchange stated that cooperation with authorities is essential for the responsible growth of the digital asset industry.

To help users stay informed, the SEC has provided official tools for checking the licensing status of digital asset operators. These include the SEC Check First app, the Investor Alert list, a 1207 hotline, and official support via Facebook and Live Chat.