Thailand SEC Bans Five Crypto Exchanges for Operating Without License
The Thailand Securities and Exchange Commission (SEC) has decided to block access to five major cryptocurrency exchanges. These platforms, including Bybit, OKX, and CoinEx, are accused of operating in the region without the necessary licenses.
The SEC’s move is part of the Thai government’s strategy to safeguard local retail investors and combat money laundering. An official notice from the financial regulator explains that the decision targets unlicensed crypto exchanges.
Starting June 28, Thai citizens will lose access to Bybit, 1000X, CoinEx, OKX, and XT.COM. The SEC,along with the Economic Crime Suppression Division,has initiated legal action against these platforms.
Pressure to tighten crypto regulations has been mounting in recent months.In response,the Thai government enacted the Royal Decree on the Prevention and Suppression of Technological Crime on April 13. This decree empowers authorities to block websites and apps that offer services to Thai users, notably foreign crypto exchanges targeting local investors.
The new laws also impose stricter penalties on individuals involved with mule accounts. Those found guilty of using digital asset accounts for cybercrime could face up to three years in prison or a fine of up to 300,000 baht (around $9,163).
Meanwhile, the thai Finance Ministry plans to issue around $150 million worth of investment-grade crypto tokens, known as G-Token, to the public in the coming months. This initiative aims to raise funds directly from the public under Thailand’s budget borrowing plan.
