Thailand’s Securities and Exchange Commission announced it would ban five cryptocurrency exchanges from operating locally from June 28, 2025. The banned crypto exchanges include Bybit, OKX, 1000X, CoinEx, and XT Crypto.
The move comes as the securities regulator explained that the exchanges offered services to local users on their online websites without the necessary authorization.
Thai Securities Regulator Takes Measures to Combat Money Laundering
Thailand’s Securities and Exchange Commission (SEC) announced that it would ban five cryptocurrency exchanges, including Bybit, 1000X, CoinEx, XT Crypto, and OKX, from operating in the country for the unauthorized offering of services to local users on their websites. According to the announcement, the regulator has asked the Ministry of Digital Economy and Society to block local access to the exchanges from June 28, 2025.
In its announcement, the SEC said it made the decisions citing concerns over money laundering. In a translated version of the regulator’s statement, it said:
“This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel.”
The ban comes after the SEC filed charges against the five exchanges under Thailand’s Economic Crime Suppression Division. The regulator cited numerous violations of the Digital Asset Business Act. Following the announcement of the ban, the regulator advised investors to secure their assets before the ban comes into effect.
“Investors are urged to promptly secure their assets on these platforms before the impending access restrictions,” the SEC said.
SEC Highlights the Dangers of Unlicensed Platforms
In its announcement of the ban, the regulator also highlighted the importance of using licensed platforms so that investors can protect themselves and prevent unwitting participation in illicit activities such as money laundering.
Despite its embrace of digital assets, Thai regulators have long warned of the potential dangers associated with the industry and have issued numerous warnings to the public related to the use of unlicensed exchange platforms.
In April 2024, Thailand regulators announced they plan to ban access to unregistered digital asset service providers. When announcing their intention to ban these exchanges, popular offshore exchanges, including Binance, Coinbase, KuCoin, Kraken and OKX, operated without authorization in Thailand.
A year after announcing its intention to ban access to unregistered digital asset providers, the SEC introduced updates to its Digital Asset Business Law and the Emergency Decree in Measures for the Prevention and Suppression of Cybercrime Law to regulate digital asset businesses and prevent cybercrimes—the newly introduced laws aimed at deterring and preventing unregulated foreign crypto services.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.