Thailand’s Securities and Alternate Fee (SEC) has introduced plans to dam entry to 5 main cryptocurrency exchanges, Bybit, 1000X, CoinEx, OKX, and XT.COM, efficient June 28, 2025, for working with out licenses.
The transfer is a part of a broader effort to curb cash laundering and defend buyers. It marks one of the vital vital enforcement actions in opposition to unlicensed digital asset platforms within the nation.
Thailand Cracks Down on Unlicensed Crypto Platforms
The SEC said that these exchanges have been providing companies to Thai customers with out complying with the Digital Asset Business Act B.E. 2561 (2018). The regulator has additionally filed costs in opposition to the platforms with the Financial Crime Suppression Division (ECD).
“This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel,” the assertion mentioned.
The Ministry of Digital Financial system and Society (MDES) will implement technical measures to limit native entry to those exchanges beginning June 28, 2025. The regulator additionally suggested buyers utilizing these platforms to withdraw their belongings earlier than the deadline to keep away from potential losses.
“The SEC warns the public and investors to be cautious when using services from unauthorized digital asset operators as they will not be legally protected and may be at risk of fraud (scams). There is also a risk that these platforms could be used for money laundering,” the SEC added.
The choice follows a assembly in April 2024. Thailand’s Committee for the Prevention and Suppression of Technological Crime and the MDES determined to limit entry to unauthorized digital asset service suppliers. The aim was to reinforce legislation enforcement efforts and forestall legal actions.
Moreover, in April 2025, the federal government enacted the Royal Decree on Measures to Stop and Suppress Expertise-related Crime. It granted the MDES expanded powers to close down unlicensed digital companies.
The SEC’s latest initiative demonstrates its dedication to imposing compliance following earlier actions. BeInCrypto reported that earlier this yr, the Expertise Crime Suppression Division (TCSD) additionally proposed blocking Polymarket.
Notably, Thailand stands out as one of many world’s largest crypto markets. In response to Ledger information, one in 5 Thai residents owns crypto. In reality, the federal government is actively working towards embracing digital belongings and selling accountable innovation.
Final yr, the federal government lifted the value-added tax (VAT) on home crypto asset buying and selling. Moreover, the efforts to foster a positive crypto surroundings have continued.
In response to native media experiences, Thailand is at present exploring an initiative that will permit vacationers to make use of digital belongings for home spending by way of bank cards.
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