Thai SEC Takes Legal Action Against OKX for Unlicensed Crypto Operations

Thailand’s Securities and Exchange Commission (SEC) has escalated its regulatory enforcement by filing a criminal complaint against OKX, a global cryptocurrency exchange. The complaint alleges that OKX, operated by Aux Cayes Fintech Co. Ltd., has been providing digital asset exchange services to Thai users without the necessary license since October 15, 2021. The SEC asserts that the platform unlawfully collected transaction fees from users in Thailand, violating local regulations. This move highlights the Thai authorities’ ongoing efforts to clamp down on unlicensed crypto operations within the country. The case underscores the increasing scrutiny faced by global crypto exchanges as regulators worldwide tighten their oversight of the digital asset industry.

Thai SEC Files Criminal Complaint Against OKX for Unlicensed Operations

Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against global cryptocurrency exchange OKX, alleging it has been operating in the country without the required license since October 15, 2021. According to the complaint, OKX, operated by Aux Cayes Fintech Co. Ltd., has been offering digital asset exchange services to Thai users unlawfully. The SEC said the platform collected transaction fees and promoted its services without regulatory approval, actions that fall under criminal penalties. The case will be investigated by the Economic Crime Suppression Division. Alongside the exchange, nine individuals have also been accused of promoting OKX’s unlicensed platform on social media.

OKX and Standard Chartered Unite for Crypto Collateral Pilot

OKX, an innovative cryptocurrency exchange, has announced a partnership with Standard Chartered to offer the world’s first collateral pilot for institutional investors. This initiative is supported by financial giants such as Franklin Templeton and Brevan Howard Digital and aims to enable institutions to leverage cryptocurrencies and tokenized assets like money market funds as trading collateral in a secure and capital-efficient environment.