The Securities and Exchange Commission (SEC) of Thailand has announced a ban on the use of five cryptocurrency exchanges, including OKX, Bybit, CoinEx, 1000X, and XT.com. This decision will take effect on June 28, 2025. The regulator accused these platforms of violating the Digital Asset Act and has referred the case to the Economic Crime Division.
This is reported by Finway
The SEC urged investors to urgently protect their assets by using only licensed platforms to avoid risks associated with money laundering. In the regulator’s statement, it was noted:
“Investors are urged to protect their assets as soon as possible and to use only licensed platforms to avoid risks, including money laundering.”
Combating Illegal Crypto Services
This ban is part of a broader strategy by Thailand aimed at tightening control over illegal crypto services. Back in April 2024, the government announced plans to shut down access to unlicensed exchanges. In response to the new requirements, the OKX exchange confirmed its readiness to cooperate with regulators:
“We fully support cooperation with government agencies in combating illegal activities, including money laundering. Constructive interaction with regulators is key to the sustainable development of the digital asset industry,” commented an OKX representative in a statement to CoinDesk.
New SEC Policy
Meanwhile, the SEC of Thailand continues to strengthen requirements for cryptocurrency exchanges, urging users to check the licenses of platforms before investing or storing assets. It is worth noting that the company issuing the USDT stablecoin, Tether, received SEC approval to operate in the country in March 2025. On the other hand, the regulator has imposed restrictions on foreign P2P crypto platforms and fines of up to 300,000 baht (approximately $8,700) for using shell accounts, as well as the possibility of imprisonment for up to three years.
Additionally, in May of this year, plans were announced for a pilot project that will allow tourists to pay with cryptocurrencies for goods and services in Thailand.