Catenaa, Wednesday, June 4, 2025-Thailand securities regulator will ban five major crypto exchanges from operating locally starting June 28, citing unauthorized service offerings and money laundering risks.
The Securities and Exchange Commission said Thursday that Bybit, 1000X, CoinEx, OKX and XT were offering crypto trading services to Thai users without licenses. The Ministry of Digital Economy and Society will enforce the ban by blocking domestic access to the platforms.
“This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel,” the SEC said in a translated statement.
The announcement follows the regulator’s 2024 plan to clamp down on unlicensed digital asset services after a government-led meeting aimed at curbing cybercrime and financial abuse in the sector.
The Block has contacted the listed exchanges for comment. As of Thursday night, none had issued public responses.
The move comes amid broader regulatory tightening in Thailand’s crypto sector. Authorities are working to prevent illicit fund flows while preparing to issue a $150 million investment-grade token aimed at the general public, according to Finance Minister Pichai Chunhavajira. The token is expected to provide higher returns than traditional bank deposits.
Thailand’s enforcement actions mirror global trends as countries race to control digital asset flows and ensure compliance with financial regulations. The latest ban signals an increasingly strict stance by Thai regulators toward offshore crypto platforms targeting local investors without authorization.
