Thailand’s Securities and Exchange Commission (SEC) has announced a sweeping ban on five prominent cryptocurrency exchanges—Bybit, OKX, CoinEx, XT.COM, and 1000X—for operating without proper authorization. The ban will take effect on June 28, 2025, with access to these platforms being blocked nationwide.
According to a report by CryptoNews Australia, the SEC’s decision aims to curb the use of unauthorized digital asset trading platforms as channels for money laundering. The Ministry of Digital Economy and Society will oversee the enforcement of this ban.
In an official statement, the SEC emphasized, “This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel.”
Thailand’s SEC moves to ban five major crypto exchanges by June 28, aiming to tighten regulatory control and combat money laundering across digital platforms.
Despite this crackdown, Thailand continues to explore progressive crypto policies. Recently, the government announced plans to introduce crypto-loaded debit cards for tourists, allowing international travelers to spend cryptocurrency at local merchants, with vendors receiving payments in Thai baht. Additionally, the Finance Ministry is considering reforms to the current regulatory framework surrounding capital markets, including the issuance of $150 million USD worth of tokenized government bonds for retail investors.
OKX, one of the affected exchanges, responded to the ban by reaffirming its commitment to regulatory compliance. A spokesperson stated, “We are aware of the recent announcement by the Thailand Securities and Exchange Commission (SEC) regarding access to certain digital asset platforms, including OKX. We want to reaffirm that OKX is strongly committed to maintaining the highest standards of regulatory compliance and to fostering a safe, transparent, and responsible trading environment.”
Investors using the affected platforms are advised to withdraw their assets before the June 28 deadline to avoid potential complications.
