Thailand Cracks Down: Bybit and Four Other Crypto Exchanges Face June Ban

Bangkok draws a hard line—regulators are booting five platforms, including Bybit, in a move that’ll leave traders scrambling. No more ’wait-and-see’—compliance deadlines just got real.

Another day, another government deciding your crypto isn’t ’your’ crypto. But hey, at least the traditional banks are still happy to charge you 3% for the privilege of holding your own money.

TLDR

• Thailand will block Bybit, OKX, CoinEx, 1000X, and XT.COM from operating on June 28.
• The SEC filed complaints after finding the platforms lacked proper licenses to operate in the country.
• The Ministry of Digital Economy and Society will enforce the shutdown under new digital asset regulations.
• Bybit and the other platforms were found in violation of the Royal Decree on Digital Asset Businesses.
• The SEC advised users to transfer or manage their digital assets before the ban takes effect.

Thailand will block Bybit, OKX, CoinEx, 1000X, and XT.COM from operating in the country starting June 28. The Thai Securities and Exchange Commission (SEC) announced the decision following a regulatory review of unlicensed digital asset platforms. Bybit is among the five exchanges that must halt services due to non-compliance with Thai digital asset laws.

Bybit to Cease Operations Under Thailand’s New Digital Asset Law

Bybit failed to obtain a valid license under Thailand’s Digital Asset Business Law, leading to the enforcement action. The SEC gathered sufficient data on Bybit’s operations before filing an official complaint with the Ministry of Digital Economy and Society. This legal action aligns with updated laws intended to stop illegal financial services and prevent tech-related crimes.

Thailand’s Royal Decree on Technology Crimes, enforced on April 13, grants MDES authority to block unauthorized platforms like Bybit. The decree strengthens regulatory oversight and targets entities offering crypto trading without local approval. Bybit, alongside others, now faces a complete service suspension within Thailand’s jurisdiction from June 28.

The SEC urged users of Bybit and the other platforms to act before the enforcement date to avoid disruptions. Users are advised to secure their digital assets or transfer them before access is terminated. The agency emphasized that non-compliant platforms will remain outside the scope of Thai legal protection.

OKX, CoinEx, and Other Platforms Face Local Shutdown

OKX also appeared on the SEC’s list of unauthorized operators and will be blocked in accordance with the same enforcement order. Thai authorities reviewed OKX’s operations and concluded that the exchange violated digital asset regulations. The government will restrict access to OKX services across the country starting June 28.

CoinEx, 1000X, and XT.COM joined OKX and Bybit on the blocked list following regulatory investigations. Each platform lacked the necessary approval to operate as digital asset service providers in Thailand. Authorities aim to prevent the risk of illegal activities by closing access to these foreign-run services.

The SEC’s complaint covers violations including unlicensed trading and breaches under the Royal Decree on Digital Asset Businesses. Platforms like Bybit and OKX must exit the Thai market unless they obtain proper registration. Enforcement will rely on collaboration between the SEC and MDES.

Thailand Expands Digital Asset Regulations with Targeted Measures

Thailand recently approved updates to its emergency digital asset and cybercrime decrees to reinforce control over foreign platforms. These changes now enable the government to block unlicensed services like Bybit that operate peer-to-peer or through offshore networks. The legal framework enhances surveillance and prevents unregulated crypto activity.

Alongside enforcement, Thailand continues to develop regulated crypto initiatives to modernize its financial system. The Ministry of Finance plans to issue digital investment tokens worth $150 million for retail bond purchases. Regulated exchanges can now also list USDT and USDC, offering stablecoin access under compliant structures.