Thailand to restrict access to five crypto exchanges from late June
Date: 2025-06-02 Author: Henry Casey Categories: IN WORLD
The Securities and Exchange Commission of Thailand (SEC) will block access to five popular crypto exchanges from June 28, 2025: OKX, Bybit, CoinEx, 1000X, and XT.com. The regulator claims that these platforms violate the Digital Assets Act because they do not have the appropriate license to operate in the country.
The SEC has already referred the case to the Economic Crimes Unit. The regulator urges all investors to withdraw funds from these services as soon as possible to avoid exposing themselves to the risks of money laundering and other illegal transactions.
This decision is part of a larger campaign to tighten control over digital assets. Back in the spring of 2024, the Thai authorities announced plans to restrict the activities of all crypto services operating without a license. Blocking access to five platforms is the first major step in this direction.
In response to the SEC statement, OKX representatives expressed their readiness to interact with local authorities. According to them, the company advocates for an open dialogue with regulators and supports the fight against criminal activity in the crypto space. OKX noted that sustainable development of the industry is only possible with constructive cooperation with government agencies.
Meanwhile, the SEC is tightening requirements for all crypto platforms operating in Thailand. Users are advised to pre-check the exchange's license before making transactions or storing funds on it.
In March 2025, the SEC approved the activities of Tether, the issuer of the USDT stablecoin, allowing it to operate in the country. This shows that, subject to all requirements, crypto companies can legally operate in Thailand.
In addition, the Thai regulator has tightened its policy towards foreign P2P platforms, introducing fines of up to 300,000 baht (approximately $8,700) and the possibility of imprisonment for up to three years for owners of so-called "mule accounts" that are used to launder funds.
It also became known that the authorities are developing a pilot project that allows tourists to pay for goods and services with cryptocurrency - another step towards integrating digital assets into the country's economy.
