Cryptocurrency traders in Thailand will lose access to major global exchanges such as OKX, Bybit, and CoinEx starting June 28, after the SEC requested a ban for operating without a license.

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The Thai SEC ordered the blocking of exchanges like OKX, Bybit, and CoinEx for operating without a license.

Thai users have until June 28 to withdraw their funds before losing access.

The measure aims to combat money laundering and protect investors.

Thailand has dealt a significant blow to cryptocurrency market players by announcing the blocking of access to several global platforms citing lack of necessary permits.

In a notice dated May 29, the Securities and Exchange Commission of Thailand (SEC) announced that it will block five cryptocurrency exchanges, including Bybit and OKX, from operating in the country.

The regulator reported that it has filed charges against the aforementioned cryptocurrency exchanges, as well as CoinEx, 1000X, and XT.com, with the Economic Crime Suppression Division of the country, citing violations of the Digital Assets Business Act, and has requested that the Ministry of Digital Affairs of the nation block access to the platforms.

The measure means that Thai users will not be able to access the previously named platforms for online cryptocurrency trading starting June 28, according to the official statement. "Investors are urged to secure their assets on these platforms before the impending access restrictions," wrote the Thai SEC.