- Thai SEC sues OKX for unlicensed crypto trading, stressing investor risks and stricter regulations in digital assets.
- Global crypto platforms face increasing legal pressure as nations enforce compliance, limiting unregulated operations.
- Europe’s complex regulations slow institutional Bitcoin adoption, leaving it behind the U.S. in crypto integration.
According to Crypto India, the Thai Securities and Exchange Commission (SEC) has taken legal action against OKX for operating without a license. The regulator accused OKX of violating Thailand’s Emergency Decree on Digital Asset Businesses (2018).
OKX has allegedly been providing unregistered crypto trading services in Thailand since 2021. Moreover, the platform actively promoted its services through social media without obtaining regulatory approval. This raises concerns over investor protection and regulatory compliance in the crypto industry.
Regulatory Challenges Facing OKX
According to the lawsuit, Aux Cayes FinTech Co. Ltd., OKX’s operator, and nine other connected parties enabled illicit bitcoin trading. Furthermore, it has been revealed that OKX imitated regulated exchanges without the necessary authority by charging a 0.1% trading fee. According to the Thai SEC, this behavior jeopardizes regulatory monitoring and investor security.
Furthermore,Warnings regarding the dangers of utilizing unlicensed platforms have been issued by the authority. In an unregulated market, investors are still susceptible to fraud and financial losses. For this reason, before making any transactions, traders should confirm the licensing status of a platform, according to the SEC.
More countries are tightening regulations, ensuring that only compliant firms can operate in the digital asset space. However, many exchanges continue to operate in gray areas, leading to legal consequences. Consequently, the regulatory landscape is becoming more challenging for platforms that fail to meet compliance standards.
Institutional Hesitation in Europe
While the United States progresses with crypto regulations, institutional adoption of Bitcoin in Europe remains slow. President Donald Trump’s recent executive order proposes using seized crypto assets to build a national Bitcoin reserve. However, European firms have not yet followed suit. According to Elisenda Fabrega, general counsel at Brickken, Europe’s regulatory complexity hinders widespread adoption. Besides, institutional signaling and market maturity further delay Bitcoin’s acceptance as a reserve asset.
Despite Bitcoin’s strong performance, only a few European firms have embraced it. BNP Paribas, 21Shares AG, VanEck Europe, Jacobi Asset Management, and Bitpanda are among the few exceptions. However, regulatory uncertainty continues to limit broader institutional interest. Consequently, Europe lags behind the United States in adopting Bitcoin for financial strategies.
