Thailand Blocks Five Crypto Exchanges Including Bybit And OKX

Generated by AI AgentCoin World
Friday, May 30, 2025 6:17 am ET1min read
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The Thai Securities and Exchange Commission (SEC) has announced that it will

block
five cryptocurrency exchanges, including Bybit and OKX, from operating in the country starting June 28. The measure is part of a broader effort to protect investors and combat illegal activities such as money laundering. The SEC has advised all investors using these platforms to take necessary actions regarding their assets before the shutdown date.

The decision aligns with the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes, which came into effect on April 13. This decree grants the Ministry of Digital Economy and Society (MDES) the authority to block unauthorized digital asset trading platforms. The move follows amendments to emergency decrees on digital asset businesses and cybercrime prevention, approved by Thailand’s Cabinet in early April. These new rules aim to deter and prevent foreign crypto P2P service providers, which are considered digital asset exchanges under Thailand’s Digital Asset Business Law.

The SEC has filed formal complaints with the MDES against the five crypto exchanges—Bybit, 1000X,

CoinEx
, OKX, and XT.COM—for operating without valid local licenses. This violation of the Royal Decree on Digital Asset Businesses is expected to result in the blocking of these services in the country on June 28. The regulator has urged the public to exercise caution when using unlicensed cryptocurrency services, warning that users may not be protected under Thai law and could be exposed to risks such as scams and money laundering.

Thailand has been taking a measured approach to digital asset regulation in recent months. In May, the government was reportedly preparing to allow tourists to spend cryptocurrency via credit card-linked platforms as part of a strategy to modernize its financial system and embrace digital assets. Additionally, the Ministry of Finance plans to issue $150 million worth of digital investment tokens, enabling retail investors to purchase government bonds. In March, local regulators approved Tether’s USDt (USDT) and Circle’s USDC (USDC) for use in cryptocurrency trades, allowing these stablecoins to be listed on regulated exchanges nationwide.