The post Thailand SEC Files Lawsuit Against Crypto Exchange OKX for Operating Without License appeared on BitcoinEthereumNews.com.

Key Takeaways: OKX is facing a lawsuit from the Thai SEC for allegedly trading without the necessary licenses. Nine people charged with promoting OKX’s platform in Thailand. The SEC cautions investors against using unlicensed crypto services, emphasizing the risks involved. Thailand’s SEC files lawsuit against OKX operator & 9 individuals. The charges relate to alleged unlawful trading of digital assets in Thailand, a breach of the nation’s Emergency Decree on Digital Asset Businesses of 2018. The ruling underscores the growing scrutiny of crypto exchanges around the world as regulators increase their scrutiny of the rapidly evolving sector. OKX Under Fire for Violating Thai Digital Asset Regulations At the core of the issue is the allegation that OKX acted as a digital asset exchange without obtaining a license from the Thai SEC. As the SEC complaint states, OKX started offering its services in Thailand around Oct. 15, 2021. The platform purportedly collected a 0.1% transaction fee and aggressively advertised its services on multiple social media platforms including Telegram, X, and Line OpenChat. The SEC considers these actions to fall within the scope of a digital asset exchange as defined in Thai law. In particular, the SEC identified services matching the definition of digital asset exchange as defined in Section 3 of the Thailand Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). Since OKX had not acquired the requisite license, it may consequently face substantial penalties as spelled out in Section 66 of the Digital Asset Decree, according to the SEC. Charges Filed Against Nine Individuals for Assisting OKX’s Unlawful Conduct In addition to the charges against the company itself, the Thai SEC has also gone after nine individuals who promoted OKX’s services and aided in its expansion into Thailand. The accused persons allegedly used forums such as Facebook, YouTube, Discord, Telegram, and Line…

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Filed under: News - @ April 1, 2025 12:23 pm