Thailand's Securities and Exchange Commission (SEC) has ordered the blocking of five significant cryptocurrency exchanges—Bybit, OKX, CoinEx, 1000X, and XT.COM—for operating without the legally required licenses. This regulatory enforcement, effective June 28, 2025, aims to protect investors and prevent illicit activities such as money laundering within Thailand's digital asset space.
The SEC found these platforms in violation of the Digital Asset Business Act B.E. 2561, claiming they lacked the necessary approvals and posed risks to Thai investors by undermining consumer safety and market oversight. The Ministry of Digital Economy and Society will execute technical measures to block user access to the platforms.
This crackdown follows over a year of public warnings, regulatory notices, and the introduction of new anti-cybercrime legislation, granting authorities enhanced powers to swiftly block unlicensed crypto services. Legal proceedings have been initiated with the Economic Crime Suppression Division against the exchanges.
Despite this hardline stance, Thailand still pursues responsible digital asset innovation. The government plans to issue approximately $150 million in tokenized bonds for retail investors, marking a pioneering use of blockchain technology in public finance. Additionally, initiatives such as crypto-integrated debit cards for tourists aim to bolster financial inclusion and tourism.
Thailand's approach reflects its strategic goal to balance investor protection with fostering innovation. The SEC emphasizes that platforms serving Thai customers must comply with stringent vetting and regulatory standards. Industry observers suggest this decisive enforcement could signal stricter regional regulations throughout Southeast Asia.