Thailand's Securities and Exchange Commission files lawsuit against OKX

Along with the exchange, nine people are also accused of promoting the unlicensed OKX platform on social media, according to financial advisory firm Kapronasia.

Thai authorities also noted that OKX failed to implement proper know-your-customer (KYC) and anti-money laundering (AML) procedures. This omission could potentially expose Thai investors to financial risks and undermine regulatory oversight.

If found guilty, OKX and its members face two to five years in prison, fines of 200,000 to 500,000 baht (approximately $5,890 to $14,630), and a daily fine of 10,000 baht ($293) until compliance is achieved, Thanh Nien reports.