The Thailand Securities and Exchange Commission (SEC) has announced plans to block access to five major cryptocurrency exchanges, including Bybit, OKX, CoinEx, XT.COM, and 1000X, citing their operations in the country without proper licensing.
This move is part of a broader effort by the Thai government to safeguard retail investors and combat the use of digital asset platforms for illicit activities such as money laundering. The SEC confirmed that it has taken legal action in collaboration with the Economic Crime Suppression Division to enforce these measures.
Effective June 2, these platforms will become inaccessible to users in Thailand. The regulatory crackdown follows increasing pressure on the SEC to tighten oversight of digital asset exchanges amid growing concerns over financial crimes and unregulated platforms targeting local users.
As part of its response, the government recently enacted the Royal Decree on the Prevention and Suppression of Technological Crime, which took effect on April 13. This legislation grants Thai authorities greater power to restrict access to websites and applications, particularly foreign-based crypto exchanges operating without a license.
In addition to blocking unauthorized exchanges, the new law imposes stricter penalties for individuals found complicit in cybercrime activities, such as those involved in operating or lending out digital asset accounts ("mule accounts"). Offenders may face up to three years in prison or fines reaching 300,000 baht (approximately $9,163).
In parallel developments, Thailand’s Ministry of Finance recently announced plans to issue approximately $150 million worth of government-backed digital tokens. Known as the G-Token, the investment-grade crypto asset will be launched as part of the country’s broader public borrowing strategy, aimed at raising funds directly from citizens.
This evolving regulatory landscape underscores Thailand’s commitment to fostering a safer and more transparent digital asset ecosystem, while still exploring the potential benefits of blockchain technology within its financial infrastructure