Thailand is gearing up to block several major cryptocurrency exchanges, including Bybit and OKX, effective June 28, 2025. The Securities and Exchange Commission of Thailand has cited concerns over unlicensed operations and potential money laundering as the driving forces behind this dramatic move. With the deadline looming, the crypto world is abuzz with speculation on how this will impact investors and trading volumes in the region.
Crackdown on Unlicensed Operations
The Thai SEC’s announcement has sent ripples through the crypto community. Bybit, 1000X, CoinEx, OKX, and XT.COM are all on the chopping block. The regulatory body stated that these platforms have been operating without the proper licenses required under Thai law. “The integrity of our financial system is at stake,” said a spokesperson from the SEC. “We cannot allow unauthorized entities to operate unchecked.”
Market analysts are divided on the potential fallout. Some suggest that the Thai market could see a sharp decline in trading activity as a result of these restrictions. Others, however, believe this could be an opportunity for local exchanges that comply with regulatory standards to gain market share. “This shake-up could be a game-changer for homegrown platforms,” noted crypto analyst, Supachai Rungroj. For a deeper dive into the regulatory implications, see our coverage of the SEC’s latest guidance.
Money Laundering Concerns
The SEC’s decision also hinges on fears of money laundering, a notorious issue in the world of digital currencies. According to sources close to the matter, there have been instances where these exchanges were allegedly used to obscure the origins of illicit funds. The SEC’s swift action underscores its commitment to curb such activities.
Here’s the catch: while this crackdown aims to clean up the market, it might inadvertently drive some trading activities underground. “The risk of pushing users toward less regulated, less secure platforms is real,” warned Rungroj. This unintended consequence could create new challenges for regulators and legitimate players alike. As explored in our recent coverage of Crypto Coalition’s stance on staking, regulatory clarity remains a crucial concern for the crypto industry.
Implications for the Crypto Market
Thailand’s decision to block these exchanges comes at a time when global regulatory scrutiny of cryptocurrencies is intensifying. The move aligns with a broader trend of governments seeking to establish clearer frameworks for digital asset management. It’s a complicated dance—balancing innovation with security.
Yet, for traders in Thailand, the immediate concern is access. Many have relied on these international platforms for trading a wide array of tokens that local exchanges may not offer. This limitation could lead to reduced liquidity and higher volatility in the Thai crypto markets. As one Bangkok-based trader lamented, “This feels like a step backward for us.”
A Look Ahead
The future remains uncertain. Will this regulatory action bolster investor confidence in the long run? Or will it stifle innovation and push crypto enthusiasts to seek alternative avenues? As the June 28 deadline approaches, stakeholders are keeping a close watch. What happens next could set a precedent not just for Thailand, but for other nations grappling with similar issues.
While the situation unfolds, one thing is clear: the crypto landscape in Thailand—and possibly beyond—is poised for significant change. Investors and exchanges alike will need to adapt to the evolving regulatory environment, a testament to the ever-shifting nature of the digital financial world.
Source
This article is based on: Thailand to block Bybit, OKX and other crypto exchanges on June 28
Further Reading
Deepen your understanding with these related articles:
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- U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer (openai)
- Trump’s Crypto Sherpa Bo Hines Says Crypto Legislation on Target for Quick Completion
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.
