Daniel Walker
Thailand’s Securities and Exchange Commission (SEC) has ordered a sweeping ban on several prominent cryptocurrency exchanges for offering services to Thai users without regulatory authorization. The affected platforms include Bybit, 1000X, CoinEx, OKX, and XT.com, according to an official announcement released on Thursday.
The SEC stated the decision aims to protect local investors and prevent digital assets from being misused for money laundering or other illegal activities. As part of this enforcement, Thailandโs Ministry of Digital Economy and Society will begin blocking access to these exchanges’ websites starting June 28, 2025.
Thai Government Tightens Crypto Oversight
โThis action is necessary to prevent unauthorized digital trading platforms from becoming channels for financial crime,โ the Thai SEC explained in a translated statement. The move follows earlier warnings from regulators about the risks posed by unlicensed platforms operating in the country.
This is not the first time Thai authorities have targeted illegal crypto operations. In April 2024, the SEC outlined plans to restrict access to unapproved trading services after consulting with a government task force focused on cybercrime and financial fraud.
OKX Responds to Regulatory Concerns
Among the exchanges named, OKX has issued a public statement in response to the regulatory notice.
โWe are aware of the recent update from Thailand’s SEC regarding access to certain crypto platforms,โ said an OKX spokesperson to PRIME. โWe remain fully committed to upholding the highest standards of regulatory compliance, transparency, and user protection.โ
The exchange further emphasized its dedication to working with regulators globally, adding that it actively supports anti-money laundering initiatives and aims to create a secure and responsible trading environment.
Thailand Eyes Regulated Crypto Opportunities
Despite its regulatory clampdown on unauthorized platforms, Thailand continues to explore legitimate crypto innovations. According to Bloomberg, the country is preparing to launch a $150 million state-backed crypto token in the coming months. The token is expected to offer investors returns higher than traditional bank deposits, and could serve as a regulated alternative to risky offshore exchanges.
The initiative, led by Finance Minister Pichai Chunhavajira, signals the government’s intent to balance investor protection with financial innovation.
