The Thai Securities and Exchange Commission (SEC) will block five cryptocurrency exchanges, including Bybit and OKX, from operating in the country.
According to a May 29 announcement, Bybit, 1000X, CoinEx, OKX and XT.COM will be blocked in the country on June 28. The SEC said the measure aims “to protect investors and crack down on illegal platforms used for money laundering.”
“The SEC advises all investors using these platforms to take necessary action regarding their assets before the shutdown date,” the agency said.
The decision follows the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes, which came into effect in Thailand on April 13. Under the new rules, the Ministry of Digital Economy and Society (MDES) holds the authority to block unauthorized digital asset trading platforms.
In early April, Thailand’s Cabinet approved amendments to emergency decrees on digital asset businesses and measures for cybercrime prevention. The new rules aim to “deter and prevent” foreign crypto P2P service providers, since they are considered digital asset exchanges under Thailand’s Digital Asset Business Law.
Related: Crypto exchange KuCoin enters crowded Thailand market
Exchanges cited for operating without licenses
After collecting information on the five crypto exchanges, the SEC filed formal complaints with the MDES, citing violations under the Royal Decree on Digital Asset Businesses. The breaches in question involve operating without a valid local license, and the complaint is expected to result in the services being blocked in the country on June 28.
The regulator urged the public to exercise caution when using unlicensed cryptocurrency services, noting that users would not be protected under Thai law and could be exposed to risks including scams and money laundering.
Bybit and OKX had not responded to Cointelegraph’s inquiry by publication.
Related: Tether Gold enters Thailand with listing on Maxbit exchange
Thailand taking a measured approach to crypto
Thailand has taken a measured approach toward digital asset regulation in recent months. Earlier in May, the government was reportedly preparing to let tourists spend cryptocurrency via credit card-linked platforms as part of a broader strategy to modernize its financial system and embrace digital assets.
Additionally, Thailand’s Ministry of Finance reportedly plans to issue $150 million worth of digital investment tokens, enabling retail investors to purchase government bonds. In March, local regulators approved Tether’s USDt (USDT) and Circle’s USDC (USDC) for use in cryptocurrency trades, allowing the stablecoins to be listed on regulated exchanges nationwide.
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