Thailand to Block 5 Major Crypto Exchanges from June 28, 2025
Thailand's Securities and Exchange Commission (SEC) is set to block five major cryptocurrency exchanges - Bybit, OKX, CoinEx, 1000X, and XT - from serving local users from June 28, 2025. The move aims to protect investors and prevent unauthorized platforms from being used for money laundering. The affected exchanges have been cited for offering services to Thai users without proper licensing, with the SEC filing charges with the Economic Crime Suppression Division (ECD) for engaging in digital asset business without permission.
The enforcement action follows regulatory warnings dating back over a year, with initial plans announced in April 2024. Users of the affected platforms have until June 28, 2025, to complete asset withdrawals before access restrictions take effect.
Meanwhile, Thailand is planning to issue approximately $150 million worth of investment-grade crypto tokens to the public in the coming months. Exchanges have been given time to seek proper licensing or wind down operations, and users have received advance notice to withdraw assets. Proper SEC licensing remains mandatory for exchanges seeking to serve Thai users, prioritizing investor protection and anti-money laundering compliance.
The Ministry of Digital Economy and Society will implement technical blocks preventing Thai residents from accessing the banned platforms. The SEC's actions underscore its commitment to regulating the cryptocurrency industry and safeguarding local investors.
Read also:
- Exploring Harry Potter's Lineage: Decoding the Enigma of His Half-Blood Ancestry
- Elon Musk Acquires 26,400 Megawatt Gas Turbines for Powering His AI Project, Overlooks Necessary Permits for Operation!
- Ontario terminates $100M Starlink agreement due to U.S. import taxes
- Predictive modeling introduced in DP World's automotive supply chain operations
