Thailand’s Securities and Exchange Commission (SEC) has announced a ban on five major crypto exchanges—Bybit, 1000X, CoinEx, OKX, and XT—effective June 28, 2025, for operating without licenses. The regulator filed charges against these platforms, citing violations of the Digital Asset Business Act.
This move aims to protect investors and curb money laundering risks in Thailand’s growing crypto market. Legal proceedings are underway, with the Ministry of Digital Economy and Society tasked to enforce the access block. The crypto community awaits the fallout as these exchanges face significant regulatory hurdles.
The Origin of the Crackdown
The enforcement saga reportedly began today, when the SEC’s announcement identified Bybit, 1000X, CoinEx, OKX, and XT for providing unlicensed trading services. Subsequent investigations into these exchanges revealed that they had been operating without the necessary governmental approval, breaching the stipulations of the Digital Asset Business Act since as early as 2021.
To enhance enforcement, the SEC teamed up with the Economic Crime Suppression Division, resulting in charges that underscore serious violations. In 2024, a key Royal Decree granted expanded powers to block unlicensed platforms, facilitating this action. The SEC emphasized that investor safety and combating money laundering were its top priorities.
Thailand’s Regulatory History
The banned exchanges face a critical deadline to comply or exit Thailand’s market by June 28, 2025. OKX’s spokesperson emphasized their commitment to regulatory compliance and engagement with authorities. Bybit and others may seek licenses to resume operations legally in Thailand. The outcome of the legal proceedings could reshape Thailand’s crypto landscape, pushing firms toward stricter compliance.
Meanwhile, while these exchanges default in adhering to their regulatory obligation in Thailand, some have obtained the necessary licenses to freely operate in other areas. For example, BitGo, a leading crypto custody firm backed by Goldman Sachs, has secured a Markets in Crypto-Assets (MiCA) license from Germany’s Federal Financial Supervisory Authority (BaFin). This approval allows the firm to offer secure digital asset services across all 27 EU countries, marking a major step in its European expansion
Just yesterday, Bybit also secured the EU’s MiCA license. Announced by Austria’s Financial Supervisory Authority (FMA), this milestone marks a significant step for the company’s European ambitions. The license allows the exchange to operate seamlessly across all 27 EU member states, boosting its credibility.
