Thailand Bans Five Unlicensed Cryptocurrency Exchanges Starting June 28
Thailand’s SEC will bar local crypto traders from five exchanges—Bybit, CoinEx, OKX, 1000X, and XT.com—starting June 28 due to alleged unlicensed operations violating the Digital Asset Business Act.
The SEC has filed complaints with the Economic Crime Suppression Division and requested a nationwide ban on these platforms. Investors are advised to withdraw funds before restrictions take effect and use government-approved platforms for protection.
This action is part of a broader effort by Thai authorities to combat crypto-related crime. Recent amendments require crypto asset service providers to report suspicious transactions and can block non-compliant foreign platforms.
Crypto Innovation Continues
Despite enforcement measures, Thailand is pursuing crypto innovation:
- A project allowing tourists to spend cryptocurrency linked to credit cards is under review.
- The Ministry of Finance plans to issue $150 million in digital investment tokens for retail investors to purchase government bonds, launching by July.
- The SEC aims to introduce a tokenized securities trading system to enhance market transparency, with four projects already approved.