Thailand Cracks Down: Bybit, CoinEx, OKX Face Blockade for Unlicensed Crypto Operations

Thai regulators pull the plug on offshore exchanges—another ’protective’ move that conveniently sidelines competition.

No license? No access. The SEC’s hammer falls on platforms dodging local registration, leaving traders scrambling for compliant alternatives.

Bonus irony: Same bureaucrats slow-walking domestic approvals now act shocked when users flock to global liquidity. Finance never changes.

Regulators Now Armed with Legal Tools to Target Offshore Crypto Operators

The action follows months of increasing regulatory pressure. In response to rising concerns, Thailand passed new anti-cybercrime legislation in April. This law empowered the Ministry of Digital Economy and Society to quickly block suspicious websites and platforms.

More specifically, the Royal Decree on the Prevention and Suppression of Technological Crime came into effect that month. As a result, authorities were granted broader powers to shut down unlicensed digital services targeting Thai users.

Since then, the government has intensified enforcement. It is now focusing on crypto exchanges that operate outside the country’s legal framework.

Crypto Platforms Face Tighter Rules as Thailand Tests Blockchain in Public Finance

This MOVE is part of a wider effort by Thai regulators to clean up the local crypto market. To support this shift, the Ministry of Finance introduced G-Token, a blockchain-based investment token, last month. It allows retail investors to purchase government bonds. Notably, the $150m issuance marks Thailand’s first attempt at tokenized public fundraising.

According to, Jomkwan Kongsakul, deputy secretary-general of the SEC, the G-Token WOULD launch through an approved initial coin offering portal. In this setup, the Finance Ministry will serve as registrar.

However, the SEC has said that G-Tokens cannot be used as a medium of exchange. This restriction clearly separates regulated digital assets from the volatile world of cryptocurrency trading.

At the same time, regulators have tightened rules for digital asset firms. These include stricter customer screening, faster suspension of suspicious accounts, and more support for fraud victims.

Further, under the new law, the scope of accountability has widened. Banks, telecom firms and social media platforms can also be held liable if they fail to prevent cybercrime on their networks.