Key Insights
- Thailand’s SEC will block local access to five unlicensed crypto exchanges, including OKX and Bybit, starting June 28, 2025.
- The move aims to protect investors and curb the use of crypto platforms for money laundering.
- The crackdown comes as Thailand plans to launch a $150 million state-backed crypto token offering higher returns than bank deposits.
BANGKOK (MarketsXplora) – Thailand’s Securities and Exchange Commission (SEC) announced on Thursday that it will block local access to five cryptocurrency exchanges, citing unauthorized operations and concerns over potential misuse for money laundering.
According to a statement from the Thai regulator, the exchanges Bybit, 1000X, CoinEx, OKX, and XT have been found to be offering digital asset trading services to Thai users without the required licenses. The Ministry of Digital Economy and Society will begin enforcing the block on June 28, 2025.
“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 move follows regulatory steps first signaled in April last year, when the SEC met with a government committee tasked with combating technology-related crimes. At the time, the agency outlined plans to restrict access to unlicensed crypto platforms in an effort to safeguard the local financial system.
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In response to Thursday’s announcement, OKX, one of the affected exchanges, said it remains committed to regulatory compliance.
“We want to reaffirm that OKX is strongly committed to maintaining the highest standards of regulatory compliance and to fostering a safe, transparent, and responsible trading environment,” a spokesperson told MarketsXplora. “We respect the legal frameworks of applicable jurisdictions and work proactively with regulators around the world.”
OKX also emphasized its cooperation with governments and law enforcement to combat illicit activity, including money laundering.
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As part of broader efforts to secure the digital asset space and reduce financial crime risks, Thailand is reportedly preparing to launch a $150 million investment-grade crypto token in the coming months. According to Finance Minister Pichai Chunhavajira, the token will be offered to the public and is expected to provide higher returns than conventional bank deposits, Bloomberg reported.