Thailand Cracks Down: Bybit, OKX, CoinEx Face Access Blockade

Regulators draw the line—three major crypto exchanges just got locked out of Thailand’s market. No warnings, no grace periods—just a hard shutdown for platforms accused of operating without licenses.

While the SEC plays gatekeeper, traders scramble to move funds. Another day, another regulatory smackdown in crypto’s wild east. Meanwhile, traditional finance brokers still can’t decide if Bitcoin is a scam or their next revenue stream.

Royal Decree on the Prevention and Suppression of Technological Crime

Thailand recently enacted the Royal Decree on the Prevention and Suppression of Technological Crime, which took effect on April 13.

This decree grants the Thai authorities expanded powers to block websites and applications that offer services to Thai users, particularly targeting foreign crypto exchanges whose licenses are questionable.

Thailand Update: Former PM Advocates For Crypto Legalization, Suggests Using Bitcoin For Debt Settlement

In contradiction to Thai government cracking down on crypto, Thailand’s former Prime Minister, Thaksin Shinawatra, has expressed Optimism about the potential of cryptocurrencies to revolutionize the financial landscape in Thailand.

Recently, Shinawatra made a push for Thailand’s financial institutions to be more open to cryptocurrency, citing US President Donald Trump’s pro-crypto stance.

According to local media reports, Thaksin suggested that Thailand should adopt global crypto trends, such as using Bitcoin for debt settlement and introducing Real World Asset (RWA) tokenisation – trading blockchain-based digital tokens representing tangible physical assets.

He also unveiled plans for a cryptocurrency sandbox project in Phuket, where bitcoin transactions would be state-managed to minimise risks.

Key Takeaways

•   Thailand’s financial authorities are intensifying their crackdown on unlicensed cryptocurrency exchanges, with the Securities and Exchange Commission (SEC) set to block access to Bybit, OKX, CoinEx, 1000X, and XT.COM starting June 28. 

• Thai government enacted the Royal Decree on the Prevention and Suppression of Technological Crime, which took effect on April 13. This decree grants authorities expanded powers to block websites and apps that offer services to Thai users, particularly targeting foreign crypto exchanges that operate without a license.