The Securities and Exchange Commission (SEC) of Thailand has initiated a lawsuit against the cryptocurrency exchange OKX and its operator Aux Cayes FinTech Co Ltd. The regulator accuses the platform of providing financial services illegally, violating the “Emergency Decree on Digital Assets” from 2018.
This is reported by Finway
According to the SEC’s statement, OKX began its operations in Thailand in October 2021, charging a fee of 0.1% for each transaction despite lacking the necessary license. The regulator also identified nine individuals who actively promoted this exchange through social media, including Facebook, X (formerly Twitter), Telegram, and YouTube. They have been charged with facilitating unlicensed activities.
According to information provided by the SEC, these actions violate Section 26 of the “Emergency Decree,” which could lead to fines and criminal prosecution. If OKX and its partners are found guilty, they face prison terms of two to five years, as well as fines of up to 500,000 baht (approximately $14,700) along with a daily fine of 10,000 baht ($295) for delays.
The SEC of Thailand reminded investors of the risks associated with unlicensed platforms.
The regulator urged users to exercise caution, as transactions on such exchanges are not protected by law, creating risks of fraud or money laundering. Licensed companies, such as Binance and Upbit, can be found on the official SEC website.
The Thai authorities continue their active fight against unlicensed crypto exchanges. In 2024, it was announced that a ban on such platforms would be implemented, and their list has been submitted to the Ministry of Digital Economy. Similar measures were previously taken against Bybit in 2023.
Additionally, it was previously reported that the SEC of Thailand is working on creating a blockchain platform for trading bonds. According to commission representatives, this innovation aims to enhance the efficiency of the local capital market by removing existing barriers.
It is worth noting that the SEC of Thailand recently approved the use of USDT for trading within the country.