- The targeted exchanges, including Bybit and OKX, were reportedly found to be operating without proper licenses.
- Earlier this year, Thailand’s Cabinet approved amendments to crypto-related regulations targeting foreign P2P platforms.
Thailand is set to block access to five major cryptocurrency exchanges, including Bybit and OKX, by June 28, in its most sweeping regulatory move against digital asset platforms to date.
The ban, announced by the Securities and Exchange Commission (SEC), comes as part of a broader government effort to combat unlicensed crypto activity and reduce the risk of financial crimes like money laundering.
The SEC’s directive applies to Bybit, 1000X, CoinEx, OKX, and XT.COM, platforms found to be operating in Thailand without the required licenses.
Citing violations under the Royal Decree on Digital Asset Businesses, the regulator filed formal complaints with the Ministry of Digital Economy and Society (MDES), which now holds the power to enforce website bans under recently amended laws. The exchanges will be inaccessible nationwide starting June 28.
See Related: Thailand SEC Greenlights USDT And USDC For Crypto Investments
Regulatory Shift Powered By Technology Crime Law
The crackdown follows the enactment of the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes, which took effect on April 13. Under the decree, the MDES has the authority to block access to online platforms involved in unauthorized digital asset trading.
Thailand’s Cabinet greenlit amendments to crypto-related decrees earlier this year to strengthen enforcement and prevent unlicensed foreign peer-to-peer (P2P) trading platforms from serving Thai users. These platforms, under the law, qualify as digital asset exchanges and must secure local licenses to operate legally.
The SEC urged investors using the affected platforms to act before the June 28 deadline. The regulator warned that those using unlicensed exchanges are not protected by Thai law and may face higher exposure to scams and financial fraud.
While enforcement efforts are intensifying, Thailand continues to develop its digital asset ecosystem. In May, officials floated plans to allow tourists to spend crypto through card-linked platforms.
The government also plans to issue $150 million in digital investment tokens, opening access to retail investors. Earlier this year, regulators approved Tether’s USDt for use on licensed exchanges.
