Thailand’s Securities and Exchange Commission (SEC) announced plans to block access to five cryptocurrency exchanges—Bybit, OKX, CoinEx, 1000X, and XT.COM—effective June 28, 2025. These platforms have been identified as operating without the necessary licenses, prompting concerns over investor protection and potential misuse for illicit activities.
Key Points:
- Regulatory Action: The SEC has filed formal complaints against the five exchanges for violating Thailand’s Digital Asset Business Act. The Ministry of Digital Economy and Society has been tasked with enforcing the access restrictions under the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes.
- Investor Advisory: The SEC advises users of these platforms to withdraw their assets before the June 28 deadline, as funds held on unlicensed exchanges are not protected under Thai law.
- Legal Framework: This move is part of Thailand’s broader effort to tighten regulations on digital assets, aiming to prevent scams and money laundering activities facilitated through unauthorized platforms.
The SEC’s decisive action underscores Thailand’s commitment to establishing a secure and regulated digital asset environment. Investors are urged to engage only with exchanges that comply with local licensing requirements to ensure the safety of their assets.
For more details, read the full article on Finance Magnates: Thailand Targets Five “Unlicensed” Crypto Exchanges, Including Bybit, OKX in Latest Crackdown.
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