Thailand SEC to shutdown Bybit, 1000X, CoinEx, OKX, and XT.COM on June 28, 2025, for unlicensed crypto trading, citing investor protection.
The action is a component of a more comprehensive initiative to safeguard investors and prevent money laundering. It is one of the country’s most significant enforcement actions against unlicensed digital asset platforms.
In Thailand, there is a crackdown on unlicensed cryptocurrency platforms
The SEC asserted that these exchanges have been providing services to Thai consumers, violating the Digital Asset Business Act B.E. 2561 (2018). The Economic Crime Suppression Division (ECD) has also been served with allegations by the regulator against the platforms.
“This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel,” the statement said.
Technical measures will be implemented by the Ministry of Digital Economy and Society (MDES) to restrict local access to these exchanges beginning on June 28, 2025. Additionally, the regulator recommended that investors who utilize these platforms withdraw their assets before the deadline to prevent potential losses.
“The SEC warns the public and investors to be cautious when using services from unauthorized digital asset operators as they will not be legally protected and may be at risk of fraud (scams). There is also a risk that these platforms could be used for money laundering,” the SEC added.
Following a meeting in April 2024, the decision was made. Thailand’s Committee for the Prevention and Suppression of Technological Crime and the MDES have restricted access to unauthorized digital asset service providers. The objective was to prevent illicit activities and improve law enforcement efforts.
Additionally, the government implemented the Royal Decree on Measures to Prevent and Suppress Technology-related Crime in April 2025. It granted the MDES broader authority to terminate unlicensed digital services.
The SEC’s most recent initiative is a testament to its dedication to enforcing compliance in the wake of its previous actions. Polymarket was also proposed for blockage by the Technology Crime Suppression Division (TCSD) earlier this year, as reported.
It is worth noting that Thailand is one of the world’s largest crypto markets. One in five Thai citizens possesses cryptocurrency, as indicated by Ledger data. In reality, the government is making strides to encourage responsible innovation and embrace digital assets.
The government abolished the value-added tax (VAT) on domestic crypto asset trading last year. Additionally, the endeavors to cultivate a crypto environment conducive to growth have persisted.
Thailand is investigating an initiative enabling travelers to utilize digital assets for domestic spending through credit cards, as per local media reports.
