Thailand’s Securities and Exchange Commission (SEC) has taken enforcement action against five cryptocurrency trading platforms found to be operating without proper authorisation. As a result, access to these sites will be blocked from June 28, 2025.
The SEC filed charges with the Economic Crime Suppression Division against Bybit, CoinEx, OKX, and XT.COM, alleging violations of the Digital Asset Business Act B.E. 2561. The platforms were found to be offering digital asset trading services to Thai users without licenses required under Thai law.
Enforcement Actions and Platform Shutdowns
According to the SEC, information regarding the platforms has been handed over to the Ministry of Digital Economy and Society, which will initiate technical measures to restrict domestic access starting at the end of June.
The move aligns with the Royal Decree on Measures to Prevent and Suppress Technology-Related Crimes (No. 2) B.E. 2568, which supports efforts to reduce cybercrime, including financial fraud and money laundering. The regulator also urged investors who have accounts on the affected platforms to take steps to secure or withdraw their assets prior to the date of restriction.
Investor Warning and Reporting Mechanisms
In addition to the planned access restrictions, the SEC renewed its warning to the public regarding the risks of using unauthorized digital asset platforms. It emphasized that investors dealing with unlicensed providers are not protected under Thai law and may be exposed to scams or exploitation.
The public is encouraged to verify the licensing status of digital asset service providers via the SEC’s official website or the “SEC Check First” mobile application. A separate investor alert page also lists entities operating without oversight.
Suspicious activities or potential violations can be reported to the SEC through its complaint hotline, Facebook page, or live chat service on the SEC website. The enforcement action underscores Thailand’s broader efforts to regulate digital financial services and prevent the use of cryptocurrencies in illicit activities, particularly as digital asset adoption continues to grow.
