The post Thailand Cracks Down on 5 Unlicensed Exchanges, Charges Against OKX, Bybit appeared on BitcoinEthereumNews.com.

Key Notes Bybit, OKX, and three others face a nationwide ban in Thailand. The SEC warns investors to withdraw funds ahead of the June 28 deadline. Platforms were found operating without licenses under Thai law. Thailand’s Securities and Exchange Commission (SEC) has announced that crypto traders in the country will be barred from accessing five major cryptocurrency exchanges — Bybit, CoinEx, OKX, 1000X, and XT.com — starting June 28. The move follows allegations that these platforms are operating without proper licensing in violation of Thailand’s Digital Asset Business Act. The Thai SEC has filed formal complaints with the Economic Crime Suppression Division and urged the Ministry of Digital Affairs to enforce a nationwide ban on these exchanges. In a public advisory, the SEC warned investors to promptly withdraw their funds before the restrictions take effect. The regulator also reiterated the importance of using government-approved platforms to ensure investor protection. This development is part of a broader clampdown by Thai authorities to combat crypto-related crime. In April, the Thai government introduced amendments to several national laws aimed at curbing online financial fraud. The new rules mandate crypto asset service providers (CASPs) to identify and report suspicious transactions, especially those connected to scams, and suspend such accounts. The amendments also give regulators the authority to block foreign platforms from serving Thai users if they are found to be non-compliant. Thailand Keeps Embracing Crypto While enforcement is tightening, Thailand is not turning its back on crypto innovation. Finance Minister Pichai Chunhavajira recently revealed a new project that would allow tourists to spend cryptocurrency in the country by linking their crypto wallets to credit cards. The move, currently under review by the Ministry of Finance and the Bank of Thailand, is part of a broader effort to modernize the country’s financial infrastructure. According to…

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Filed under: News - @ May 30, 2025 10:20 am