- Thailand’s SEC to block five major crypto platforms over unauthorized digital asset operations within the country.
- Legal charges were filed against OKX’s parent company and nine individuals for promoting unlicensed trading services.
- The SEC urges Thai investors to secure funds before the June 28 deadline and verify platform licenses through official channels.
The Securities and Exchange Commission (SEC) of Thailand has announced plans to block access to five major cryptocurrency exchanges by June 28. Bybit, 1000X, CoinEx, OKX, and XT.COM have been picked as the platforms for this promotion.
Based on violations of the Digital Asset Business Act B.E. 2561, the action takes place according to an order from the Ministry of Digital Economy and Society.
According to the SEC, the named platforms offered digital asset trading services in Thailand without proper authorization. This includes operating trading systems and promoting services to Thai users through social media and online channels. These activities violate licensing requirements outlined under Thai law.
Legal Complaints Filed With Economic Crime Division
The SEC has filed complaints with the Economic Crime Suppression Division. The regulator emphasized that these exchanges, along with individuals promoting them, failed to comply with the Digital Asset Act. OKXâs parent company, Aux Cayes FinTech Co. Ltd., and nine Thai individuals have also been named in criminal charges for supporting the unlicensed operations.
Officials stated the enforcement measures aim to safeguard investors and reduce the risk of digital platforms being used for illicit activities such as money laundering. The actions were taken under the authority of the Royal Decree on Technology Crime Prevention B.E. 2568.
Investors Urged to Withdraw Funds Before Access is Blocked
The SEC has advised Thai users to manage their digital assets on these platforms before access is officially restricted. Investors were also urged to verify licensed platforms through the SECâs official website and use the âSEC Check Firstâ and âInvestor Alertâ tools for up-to-date information.
An OKX spokesperson said that the company is aware of what the SEC is doing and is determined to remain in compliance with all rules. OKX said it is collaborating with regulators worldwide to prevent illegal activities on its exchange.
The SEC has provided channels for public complaints or whistleblowing through its hotline, Facebook page, and website live chat. The regulator continues to monitor the digital asset market closely for compliance with Thai laws.
