Thailand‘s SEC to Block Bybit, OKX, and Other Crypto Exchanges Over Licensing Issues

Thailand's Securities and Exchange Commission (SEC) has announced that starting June 28, 2025, it will block access to five major cryptocurrency trading platforms—Bybit, 1000X, CoinEx, OKX, and XT.COM. This decision comes as part of the SEC's efforts to enforce compliance with the Digital Asset Business Act and safeguard investors from potential risks, including money laundering activities.

The Thai SEC stated that these platforms were found to be operating without proper authorization under the Digital Asset Business Act of 2018. Charges have been filed against these exchanges with the Economic Crime Suppression Division, and the Ministry of Digital Economy and Society has been requested to block access to their platforms. Investors are urged to secure their assets before the ban takes effect.

Background and Regulatory Actions

The move to block these platforms aligns with Thailand's broader regulatory framework aimed at combating technology-related crimes. The SEC's statement emphasized the importance of using licensed platforms to protect investors and prevent criminal activities such as money laundering. This follows an earlier announcement in April 2024, where the SEC highlighted its intention to restrict unlicensed digital asset trading platforms.

The SEC's announcement also reflects the enforcement of the updated Technology Crime Prevention and Suppression Act, which came into effect on April 13, 2025. This law grants the Ministry of Digital Economy and Society the authority to block unauthorized digital asset platforms.

Community Reactions and Industry Response

The announcement has sparked significant discussion within the cryptocurrency community. Some see this as a pivotal moment for crypto regulation in Southeast Asia. Observers note that the June 2025 deadline for compliance indicates Thailand's intention to encourage legitimate players to align with local regulations rather than imposing an outright ban. This approach reflects a growing trend among nations to balance innovation with investor protection, creating a regulatory framework that prioritizes compliance over convenience.

OKX, one of the affected exchanges, has responded to the announcement by reaffirming its commitment to regulatory compliance. "We are fully committed to engaging with governments and law enforcement agencies to prevent illicit activities such as money laundering," an OKX spokesperson said, "We believe that constructive engagement with regulators is essential to the sustainable development of the digital asset industry."

However, not all reactions were positive. Some critics expressed frustration over the Thai government's broader direction, citing unmet promises and increasing bureaucratic hurdles. "We were expecting a lot from the new government. Bitcoin freedom—cancelled. 10,000 for everyone—cancelled. Remove hassle for tourists—cancelled. More hassle for tourists—soon everybody will need authorization to come one month before. Casinos are ready—cancelled. All promises canceled. Only less freedom, more hassle, less economy," one critic lamented.

Thailand's Efforts to Regulate and Grow the Crypto Industry

Despite increasing regulatory scrutiny, Thailand remains committed to integrating digital assets into its economy and fostering growth in its cryptocurrency industry. The government is actively modernizing its financial system, including initiatives that enable tourists to spend cryptocurrency through platforms linked to credit cards. Under this system, tourists can use their crypto holdings for local purchases, with merchants receiving payments in Thai baht. This approach aims to streamline transactions for visitors while minimizing risks to the local currency.

Thailand's cryptocurrency market is projected to generate $498.6 million in revenue by 2025, with steady annual growth. Bitkub, the country’s largest crypto exchange, holds a dominant 77% market share, underscoring the rising adoption of digital assets.

To support this momentum, the government plans to unify its financial laws to create a cohesive regulatory framework for both traditional and digital assets. This includes introducing new investment tools such as the G-Token, which offers fractional access to government bonds and other financial instruments.

Further demonstrating its evolving stance on crypto, Thailand reportedly plans to launch an investment-grade crypto token worth $150 million. This token is designed to offer higher returns than traditional bank deposits, appealing to yield-seeking investors.

Thailand's dual strategy of regulation and innovation signals its ambition to become a crypto-friendly destination — attracting not only investors but also tech-savvy tourists. These proactive measures highlight the country's strategic role in the global digital asset ecosystem.