Thailand eyes restrictions on Bybit, OKX and three other crypto platforms

Thailand’s Securities and Exchange Commission will bar locals from accessing five unlicensed cryptocurrency exchanges, including Bybit, OKX, and CoinEx. According to the May 29 notice , the regulator said the measure is intended to shield investors and prevent illicit financial activity through these unlicensed platforms. Is Thailand banning crypto exchanges? While licensed exchanges are allowed to operate in Thailand, regulators found that Bybit, 1000X, CoinEx, OKX, and XT.COM were offering services without the necessary authorisation. The SEC stated that each platform violated the Emergency Decree on Digital Asset Businesses B.E. 2561 by operating without regulatory approval. The commission has already filed complaints with the Economic Crime Suppression Division, seeking legal action against the entities involved. Officials pointed to weak Know Your Customer and Anti-Money Laundering practices as major concerns, especially in the case of OKX, which has been under scrutiny since March . As such, starting June 28, the Ministry of Digital Economy and Society will enforce the access blocks, which will prevent Thai users from reaching the platforms online. The regulator has advised users to withdraw their assets from the affected exchanges before the June deadline and to check whether a platform is licensed through its website or the SEC Check First app. Responding to growing pressure over money laundering concerns, authorities have stepped up efforts to shut down unlicensed crypto platforms. The push has intensified since the enactment of the Royal Decree on the Prevention and Suppression of Technological Crime, which came into effect on 13 April 2025. The regulation empowers authorities to block websites and applications deemed harmful, particularly those facilitating financial crimes through crypto. The commission has previously taken similar actions, including filing complaints against Bybit in 2023 and Binance in 2021. In April 2024, the regulator outlined plans to cut off access to unlicensed platforms entirely, offering investors a grace period to retrieve their assets before enforcement. Complaints have also been filed against Zipmex Thailand and its former CEO for misleading investors and transferring customer funds abroad without proper notice. Nevertheless, regulated platforms in the country continue to operate under the supervision of the Thai SEC, with new entrants steadily joining the licensed ecosystem. In April 2025, KuCoin launched its Thailand platform in partnership with ERX Company Limited, which holds a crypto exchange licence from the SEC. Now rebranded as KuCoin Thailand, the platform became the ninth exchange authorised to operate in the country, alongside Bitkub, Upbit, Gulf Binance, and others. Thailand’s crypto plans Even as it tightens oversight, Thailand is pushing forward with efforts to promote digital asset innovation. The Thai Finance Ministry has announced plans to issue $150 million worth of investment-grade crypto tokens to the public. Known as G-Tokens, the digital bonds aim to offer higher yields than bank deposits and raise funds under the national budget framework. Thailand is also exploring retail use cases for crypto, and earlier this week, Finance Minister Pichai Chunhavajira outlined a proposal allowing tourists to spend cryptocurrencies at local shops. Meanwhile, Thailand’s blockchain development ambitions are being driven by the Thailand International Digital Business and Finance Center, which recently appointed industry experts Rushi Manche and Tekin Salimi as advisors. The post Thailand eyes restrictions on Bybit, OKX and three other crypto platforms appeared first on Invezz

Source: Invezz