Thailand’s Securities and Exchange Commission (SEC) is set to block access to Bybit, OKX, CoinEx, 1000X, and XT.COM starting 28 June 2025. According to a 30 May 2025 Thai SEC press release, the decision to block five major exchanges is based on allegations that they have been providing services in Thailand without the necessary license.
Furthermore, the Thai SEC is taking legal action against the said unlicensed exchanges. Stricter penalties are also in place for individuals involved in cybercrime via digital asset accounts.
The SEC said it is taking this step to protect investors and prevent fraudsters from using unauthorized digital asset trading platforms to launder money. “SEC has submitted the above platform information to the Ministry of Digital Affairs,” the press release said. “The Ministry of Digital Affairs will block access to the platforms, preventing the public from accessing them from 28 June 2025.”
The SEC warned investors against using the said platforms and to “consider taking action regarding their assets on the platform before the platform’s closure date.”
The Thailand SEC announced that it will block cryptocurrency exchanges Bybit, 1000X, CoinEx, OKX and XT platforms on June 28, 2025, and initiate legal proceedings against them for being unlicensed digital asset business operators. https://t.co/VeOM7onr3M
— Wu Blockchain (@WuBlockchain) May 30, 2025
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Royal Decree on the Prevention and Suppression of Technological Crime
Thailand recently enacted the Royal Decree on the Prevention and Suppression of Technological Crime, which took effect on April 13.
This decree grants the Thai authorities expanded powers to block websites and applications that offer services to Thai users, particularly targeting foreign crypto exchanges whose licenses are questionable.
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Thailand Update: Former PM Advocates For Crypto Legalization, Suggests Using Bitcoin For Debt Settlement
In contradiction to Thai government cracking down on crypto, Thailand’s former Prime Minister, Thaksin Shinawatra, has expressed optimism about the potential of cryptocurrencies to revolutionize the financial landscape in Thailand.
Recently, Shinawatra made a push for Thailand’s financial institutions to be more open to cryptocurrency, citing US President Donald Trump’s pro-crypto stance.
According to local media reports, Thaksin suggested that Thailand should adopt global crypto trends, such as using Bitcoin for debt settlement and introducing Real World Asset (RWA) tokenisation – trading blockchain-based digital tokens representing tangible physical assets.
He also unveiled plans for a cryptocurrency sandbox project in Phuket, where Bitcoin transactions would be state-managed to minimise risks.
Explore: Thailand’s Former PM Advocates For Crypto Legalization, Suggests Using Bitcoin For Debt Settlement
Key Takeaways
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Thailand’s financial authorities are intensifying their crackdown on unlicensed cryptocurrency exchanges, with the Securities and Exchange Commission (SEC) set to block access to Bybit, OKX, CoinEx, 1000X, and XT.COM starting June 28.
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Thai government enacted the Royal Decree on the Prevention and Suppression of Technological Crime, which took effect on April 13. This decree grants authorities expanded powers to block websites and apps that offer services to Thai users, particularly targeting foreign crypto exchanges that operate without a license.
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