Thailand’s Securities and Exchange Commission (SEC) has announced a significant crackdown on unauthorized cryptocurrency exchanges, effective June 28, 2025. This decisive move targets Bybit, 1000X, CoinEx, OKX, and XT.COM, accusing them of operating without proper licensing and offering services to Thai users through their online platforms.
The ban, officially announced yesterday (Thursday), stems from a broader effort to safeguard investors and combat money laundering. The Thai regulator emphasized that these measures are crucial to “protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel.” As a result, the Ministry of Digital Economy and Society will enforce a block on local access to these five platforms starting June 28.
Legal proceedings have already been initiated with the Economic Crime Suppression Division against these unlicensed operators, under the Digital Asset Business Act B.E. 2561. This action is reinforced by new anti-cybercrime legislation passed in April, specifically the Royal Decree on the Prevention and Suppression of Technological Crime, which empowers authorities to swiftly block suspicious websites.
This clampdown is part of a comprehensive strategy by Thai regulators to clean up the local crypto market. The government recently introduced G-Token, a blockchain-based investment token for government bonds, signaling a push for regulated digital assets.
However, the SEC has clarified that G-Tokens cannot be used as a medium of exchange, maintaining a clear distinction between regulated digital assets and the volatile crypto trading landscape.
The SEC also warned investors using the targeted platforms to take action regarding their assets before the June 28 closure, stressing the lack of legal protection for users of unlicensed services.
