OKX News: Thai SEC Files Criminal Complaint Against OKX for Alleged Unlicensed Operations

In a significant development in the global regulatory landscape for cryptocurrency exchanges, Thailand’s Securities and Exchange Commission (SEC) has taken stringent action against OKX, a prominent crypto exchange platform. Here’s a detailed look at the unfolding situation.

Thailand SEC Sues OKX for Unlicensed Crypto Exchange Operations

Regulators worldwide are tightening their grip on crypto exchanges, and Thailand is no exception. The country’s Securities and Exchange Commission (SEC) has taken legal action against OKX, one of the biggest crypto exchanges, for allegedly operating without a license. The Thai SEC has filed a criminal complaint against Aux Cayes FinTech Co. Ltd., the operator of OKX, along with nine individuals linked to the platform. According to the regulator, OKX was offering crypto trading services in Thailand as far back as 2021 without the necessary approval. Authorities claim that OKX was actively promoting its services in Thailand via social media, including Telegram, X, and Line OpenChat.

Thai SEC Files Complaint Against OKX for Alleged Regulatory Violations

The Thai Securities and Exchange Commission (SEC) has filed a complaint against OKX crypto exchange for operating without a license and other infractions in Thailand. According to the SEC, OKX has been offering trading services without the necessary license under the Digital Asset Business Act B.E. 2561 (2018). The SEC also alleges that the exchange hasn’t implemented adequate Know Your Customer and Anti-Money Laundering protocols, posing potential risks to Thai traders. Additionally, OKX has failed to comply with the country’s reporting requirements, preventing the Thai authorities from maintaining proper regulatory oversight of its operations.