Thailand SEC Blocks 5 Major Crypto Exchanges Including Bybit and OKX from June 2025

Thailand’s Securities and Exchange Commission (SEC) has announced a sweeping crackdown on unlicensed cryptocurrency exchanges, ordering the shutdown of five major platforms effective June 28, 2025. The targeted exchanges—Bybit, OKX, CoinEx, 1000X, and XT.COM—face complete access blocks for operating without proper licenses under Thailand’s Digital Asset Business Act.

Regulatory Enforcement Action

The enforcement action represents one of Thailand’s most significant moves against unauthorized digital asset platforms. The SEC has formally filed complaints with the Economic Crime Suppression Division (ECD) for violations of the Digital Asset Business Act B.E. 2561, citing these platforms for “unauthorized offering of services to local users on their online websites”. The Ministry of Digital Economy and Society will implement the technical infrastructure necessary to block Thai residents from accessing these platforms.

Legal Framework and Authority

The crackdown operates under the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes, which became effective on April 13, 2025. This legislation grants the Ministry of Digital Economy and Society (MDES) the authority to block unauthorized digital asset trading platforms, providing the legal foundation for the upcoming access restrictions.

Rationale Behind the Shutdown

Investor Protection and Anti-Money Laundering

The SEC emphasized that this action aims “to protect investors and prevent the use of unauthorized digital asset trading platforms as a means of money laundering by fraudsters”. The regulator highlighted that assets held on unlicensed platforms receive no protection under Thai law, leaving investors vulnerable to fraud and legal risks.

Compliance with National Security Measures

The enforcement aligns with Thailand’s broader cybercrime prevention strategy. The SEC stated that the blocks are implemented “in line with the intention of the Royal Decree on Measures to Prevent and Suppress Technology-Related Crimes”, demonstrating the government’s commitment to maintaining financial system integrity.

Impact on Users and Market

Urgent Advisory for Investors

The SEC has issued urgent guidance for users of these platforms: “The SEC advises all investors using these platforms to take necessary action regarding their assets before the shutdown date”. This warning underscores the critical importance of asset withdrawal before the June 28 deadline, as users may face significant difficulties accessing their funds after the block takes effect.

Regional Regulatory Trend

This enforcement action reflects a broader trend across Southeast Asia, where governments are implementing stricter regulations to manage the rapidly growing cryptocurrency industry while protecting domestic investors. Industry experts suggest this move signals that cryptocurrency platforms can no longer simply choose jurisdictions with lenient regulations for their operations.

Thailand’s Balanced Approach to Digital Assets

Despite this crackdown, Thailand maintains a measured approach toward digital asset regulation. The country recently approved plans to allow tourists to spend cryptocurrency via credit card-linked platforms as part of financial system modernization efforts. Additionally, Thailand’s Ministry of Finance plans to issue $150 million worth of digital investment tokens for retail investors to purchase government bonds.

In March 2025, Thai regulators approved Tether’s USDT and Circle’s USDC for use in cryptocurrency trades, allowing these stablecoins to be listed on regulated exchanges nationwide. This demonstrates Thailand’s commitment to fostering legitimate cryptocurrency adoption while eliminating unauthorized operations.

Compliance Pathway

The affected exchanges still have an opportunity to achieve compliance before the June 28 deadline. Thailand has indicated that these platforms can obtain proper operating licenses to continue serving Thai users legally. However, failure to secure appropriate licensing will result in permanent access restrictions for Thai residents.

The enforcement action sends a clear message that Thailand prioritizes regulatory compliance and investor protection while remaining open to legitimate cryptocurrency innovation. This balanced approach positions Thailand as a leader in responsible digital asset regulation within the Southeast Asian region.

FAQ

1. Which cryptocurrency exchanges are being blocked in Thailand?Thailand’s SEC is blocking five exchanges: Bybit, OKX, CoinEx, 1000X, and XT.COM, all for operating without proper licenses.

2. When will the access blocks take effect?The blocks will be implemented on June 28, 2025, preventing Thai residents from accessing these platforms.

3. Why is Thailand taking this action?The SEC aims to protect investors and prevent money laundering activities on unlicensed platforms that operate outside Thai regulatory oversight.

4. Can users still withdraw their funds before the deadline?Yes, the SEC strongly advises all users to take necessary action regarding their assets before June 28, 2025.

5. Can these exchanges still operate legally in Thailand?Yes, if they obtain proper operating licenses under Thailand’s Digital Asset Business Act before the June 28 deadline.

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