Thailand’s financial regulators are stepping up their enforcement game, announcing that crypto enthusiasts in the country will soon be cut off from accessing major platforms like Bybit, CoinEx, OKX, 1000X, and XT.com. Come June 28, 2025, these popular exchanges will be on the no-access list following a decree from Thailand’s Securities and Exchange Commission (SEC). The move, aimed at clamping down on unlicensed digital asset platforms, is part of a broader strategy to ensure regulatory compliance and protect investors from potential risks.
Regulatory Crackdown: What’s Happening?
The Thai SEC isn’t pulling any punches. They’ve lodged formal complaints against these exchanges with the Economic Crime Suppression Division, citing breaches of the Digital Asset Business Act. This isn’t just bureaucratic red tape—it’s a serious attempt to safeguard the country’s financial ecosystem. The SEC has also petitioned the Ministry of Digital Affairs to put up digital barricades, effectively blocking these platforms from the local internet landscape.
“Investors are urged to promptly secure their assets on these platforms before the impending access restrictions,” the SEC advised. Their warning is clear: time is ticking for those who have assets tied up on these exchanges.
The emphasis on using licensed platforms isn’t just a regulatory formality. It’s a strategic move to shield investors from inadvertently getting tangled in illicit activities, such as money laundering—a concern that’s not just theoretical but very real in the fast-paced world of digital currencies. For a deeper dive into the regulatory implications, see our coverage of the SEC’s latest guidance.
Industry Response: Dialogue and Compliance
The exchanges are not remaining silent. OKX, in a statement to CoinDesk, underscored their commitment to working hand-in-hand with government bodies and law enforcement to stamp out illegal activities like money laundering. “We believe that constructive engagement with regulators is essential to the sustainable development of the digital asset industry,” an OKX spokesperson noted, highlighting a willingness to collaborate rather than confront.
This regulatory tussle isn’t happening in a vacuum. Back in April 2024, Thai authorities signaled their intent to crack down on unlicensed exchanges. The current action is a continuation of this regulatory tightening, a move that reflects a global trend towards stricter oversight in the crypto space. As explored in our recent coverage of crypto groups urging the SEC for clarity on staking, the dialogue between regulators and the crypto industry is crucial for navigating these complex issues.
A Turning Point for Thai Crypto Markets?
For Thailand’s burgeoning crypto market, this development is a pivotal moment. The SEC’s decisive actions could steer the market towards more stability and security, but it also raises questions about the future landscape of crypto trading in the country. Will traders pivot to licensed platforms, or will they find ways around the restrictions?
There’s no denying the impact this will have on trading volumes and market sentiment. Some analysts speculate this could be a boon for local, compliant exchanges, potentially driving up their user base and trading activity. However, it might also lead to a short-term dip in overall trading volume as investors scramble to reposition their portfolios.
Moving forward, the success of this regulatory initiative will likely hinge on its implementation and the enforcement mechanisms that follow. Will other nations follow Thailand’s lead, or will they adopt a different approach to crypto regulation? The answers to these questions will shape the global crypto landscape in the months and years to come.
In the end, while the situation remains fluid, one thing is clear: the days of operating in the regulatory gray zone are numbered. As the crypto world continues to evolve, striking a balance between innovation and regulation will be key to ensuring its sustainable growth.
Source
This article is based on: Thailand to Block OKX, Bybit and Others, Citing Lack of License
Further Reading
Deepen your understanding with these related articles:
- UK’s FCA Seeks Public and Industry Views on Crypto Regulation
- The SEC Can Learn From the IRS in Making Regulation Simpler for Crypto
- U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer (openai)
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
