Thailand SEC to Ban Bybit, OKX, Others From June
The Thai SEC will block Bybit and other exchanges from operating on June 28, 2025.
Unlicensed crypto Exchange targeted for non-compliance with Thai laws.
The Thai Securities and Exchange Commission has announced that CoinEx and four others, which are Bybit, OKX, 1000X, and XT.com, would cease operations as of June 28, 2025. The decision was made after it was found that the companies were operating without licenses, in violation of the nation’s Emergency Decree on Digital Asset Businesses from 2018. The SEC is responsible for keeping investors secure and controlling unlawful actions.
On May 29, 2025, the regulator issued the ban because the platforms provided unauthorized services to Thai users. The Department at the Ministry of Digital Economy and Society is going to prevent users from participating in these trades on a technological level. Investors are urged to withdraw funds before the deadline.
Legal Actions and Money Laundering Concerns
The SEC is acting to stop unlicensed crypto exchanges from assisting in money laundering. The agency pointed out that these platforms endanger both the security of the financial system and investor safety. According to reports, Bybit, OKX, and some other firms were operating without the necessary permits, breaking Thailand’s digital asset rules.
In March 2025, OKX and nine individuals were reportedly involved in illegal trading since 2021. The SEC pointed out that OKX had a 0.1% trading fee rate, like those of licensed platforms, but it did not register with the agency.
Industry Responses and Compliance Efforts
Bybit said it will follow the SEC’s rules and remain committed to obeying regulations. The exchange is having conversations with Thai authorities to clarify its situation and obey the rules. In response, OKX stated it is committed to offering safe and clear trading for its customers.
Both exchanges have been affected by changes in regulations brought about by countries worldwide. In April 2025, the MFIA Unit fined OKX $1.2 million for not meeting anti-money laundering rules in 2023. While Bybit has a license from Austria’s Financial Market Authority, called MiCA, its business in Thailand has not been permitted.
In 2024, the government announced that it would block all illegal exchanges to help manage the financial system more carefully. Being licensed will matter most for crypto platforms after the ban takes effect.
The SEC advised investors to check that crypto platforms are licensed before making any trades. Anyone with assets on Bybit, OKX, CoinEx, 1000X, and XT.com has until June 28, 2025, to transfer them to escape any losses. The regulator warned consumers to avoid using unregulated exchanges.
The laws of Thailand stipulate that any company dealing in digital assets must register with the SEC . Firms that violate regulations can expect to pay major fines and face lawsuits. The government tries to keep crypto trading secure and stops any unlawful activities.
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Filed under: Bitcoin - @ May 31, 2025 5:18 am