Thailand blocks crypto exchanges Bybit, OKX and others for lack of license

Last week, the Securities and Exchange Commission of Thailand (SEC) announced the blocking of five cryptocurrency exchanges – Bybit, 1000X, CoinEx, OKX and XT.COM. The decision was made as part of the fight against unlicensed operations and money laundering.

Thailand’s SEC found that the platforms were operating without the necessary licenses, violating the Digital Asset Business Act B.E. 2561 of 2018. The regulator has filed complaints with the Economic Crimes Division (ECD) and requested the Ministry of Digital Economy and Society to block access to these exchanges for local users.Goal: Investor protection and preventing the use of money laundering platforms.

Recommendation: Investors are advised to withdraw assets before June 28 and use only licensed platforms.

Representatives of OKX and Bybit expressed their readiness to cooperate with the regulator, emphasizing their commitment to complying with local laws. However, the SEC insists that licensing is necessary to ensure user safety.

Context and significance

The decision comes as part of tightening regulation of cryptocurrencies in Thailand. In April 2025, the Royal Decree for the Prevention of Technological Crime came into force, expanding the authorities’ powers to block unlicensed platforms. At the same time, Thailand is developing a legal crypto market: stablecoins USDT and USDC were approved for trading in March, and the Ministry of Finance plans to issue digital tokens worth $150 million.

Opinion and prospects

In my opinion, the SEC’s actions demonstrate Thailand’s desire to strike a balance between innovation and control. Blocking unlicensed exchanges can reduce risks for investors, but also limit access to popular platforms. Using a VPN may be a temporary solution for traders, but long-term success depends on the willingness of exchanges to obtain licenses.

News highlights:

• Thailand SEC will block Bybit, OKX, CoinEx, 1000X and XT.COM from June 28, 2025.
• Reason: lack of licenses and risk of money laundering.
• Investors are recommended to withdraw assets before the deadline.

Disclaimer: The information in this article is for informational purposes only and does not constitute legal or investment advice. CryptoInside is not responsible for any losses associated with the use of this information.