Thailand's Securities and Exchange Commission (SEC) has announced that it will block access to five major cryptocurrency exchanges—Bybit, OKX, CoinEx, 1000X, and XT.COM—effective June 28. 2025. The decision comes in response to these platforms operating without the necessary licenses under Thailand's Digital Asset Business Act.
Regulatory Action Targets Unlicensed Platforms
The SEC's move aims to protect investors and prevent the use of unauthorized digital asset trading platforms as channels for money laundering. The regulator has filed formal complaints against the five exchanges with the Economic Crime Suppression Division and requested the Ministry of Digital Economy and Society (MDES) to implement technical measures to restrict local access to these platforms.
This enforcement action follows the enactment of the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes, which came into effect on April 13. 2025. The decree grants the MDES authority to block unauthorized digital asset trading platforms operating in the country.
Investor Advisory and Security Concerns
The SEC has advised investors using these platforms to take necessary action regarding their assets before the shutdown date. The regulator warns that users of unlicensed platforms are not protected under Thai law and may be exposed to risks including scams and money laundering.
Security concerns have also been highlighted, particularly with Bybit, which suffered a significant hack in February 2025. resulting in the loss of approximately $1.5 billion worth of Ethereum tokens. The incident underscores the potential risks associated with using unlicensed and potentially less secure platforms.
Emphasis on Licensed Exchanges
Thailand's SEC emphasizes the importance of using licensed digital asset exchanges to ensure investor protection and compliance with local regulations. Licensed exchanges such as Bitkub, Satang Pro, and Zipmex operate under the oversight of the SEC and are subject to stringent regulatory standards.
The regulator's actions reflect a broader effort to strengthen the country's digital asset regulatory framework and promote a secure and transparent environment for cryptocurrency trading.
Conclusion
The impending blockade of Bybit, OKX, and other unlicensed crypto exchanges marks a significant step in Thailand's efforts to regulate the digital asset market and protect investors. As the June 28 deadline approaches, users of these platforms are urged to withdraw their assets and transition to licensed exchanges to ensure compliance with Thai regulations and safeguard their investments.
