Thailand Cracks Down on Unlicensed Crypto Exchanges—Traders Left Scrambling

Bangkok pulls the plug on major platforms operating outside regulatory bounds—because nothing says ’financial stability’ like abrupt access cuts.

No licenses? No mercy. Thai authorities just flipped the kill switch on crypto exchanges skirting compliance—leaving retail bagholders to face the music. Guess due diligence wasn’t in their trading checklist.

Bonus jab: Meanwhile, traditional banks quietly siphon fees from both sides of the chaos. Some things never change.

• Thailand’s SEC plans to block unlicensed crypto exchanges by June 28.
• On the 13th of April, a new royal decree was enacted to give Thai authorities more power to block unapproved digital asset platforms and penalize cybercrime-related account misuse. 

Thailand’s Securities and Exchange Commission (SEC) has taken actions against a number of cryptocurrency platforms that are operating without the authorities’ official permission. 

The regulatory body has announced their plans to block user access to major exchanges like Bybit and OKX by June 28. This move was done in order to protect investors and ensure that cryptocurrency is properly regulated within the country.

According to the details, the financial authority would take down five crypto platforms for running without approval under the Digital Asset Act B.E. 2561. Before moving forward with legal proceedings, the agency filed formal complaints with the Economic Crime Suppression Division. 

In an official statement, the regulator emphasized that the move is intended to protect investors and prevent illegal activities, including money laundering. As a result, starting June 28, access to Bybit, 1000X, CoinEx, OKX, and XT.COM will be blocked for users in the country.

Thailand New Laws Against Unlicensed Crypto Services

Thailand’s SEC has advised users of the flagged crypto exchange to act quickly and start moving their funds in case the shutdown happens. They also warned the public to stay cautious when using the platforms, as they are not properly covered by legal protections, and they stand a higher risk of fraud or being used to move money illegally.

In the last few months, the Thai SEC has tried to put measures in place to tighten individual control over crypto trading due to rising concerns about illegal financial activity. The government set up a Royal Decree on the Prevention and Suppression of Technological Crime, which became law on April 13. 

Basically, this rule is set up in such a way that it gives officials more power to block apps and websites offering crypto services to Thai residents, especially foreign platforms like Bybit and OKX. The updated rules would also give tough consequences to parties involved in opening or lending crypto accounts used for cybercrime. People found guilty could face up to three years in jail or be fined as much as 300,000 baht (about $9,163).

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