Update (May 30, 2025, 11:30 AM UTC): This article has been updated to add statements by a Bybit representative.
The Thai Securities and Exchange Commission (SEC) will block five cryptocurrency exchanges, including Bybit and OKX, from running the country.
According to one May 29 announcementBybit, 1000x, Coinex, Okx and XT.com will be locked in the country on June 28. The SEC said the proposed goal aims to “protect investors and break the illegal platforms used for launching money.”
“The SEC advises all investors using these platforms to take the necessary action about their properties before the shutdown date,” the agency said.
The decision follows the Royal Decree in steps for avoiding and suppressing technology crimes, which took place in Thailand on April 13.
In early April, the Thai Cabinet approved the amendments to Emergency emergency in digital asset businesses and steps for avoiding cybercrime. The new policies are aimed at “hindering and preventing” foreign crypto P2P service providers, as they are considered digital asset exchanges under Thai digital asset law.
Related: Crypto Exchange Kucoin enters Thailand’s tight market
The exchanges mentioned for operation without licenses
After collecting information on five crypto exchanges, the SEC filed a formal complaint with the MDEs, citing violations under Royal Decree on Digital Asset Businesses. Discussion violations involve operations without a valid local license, and the complaint is expected to result in services blocked by the country on June 28.
The regulator urged the public to be careful when using unlicensed cryptocurrency services, noting that users cannot protect under Thai law and may be exposed to risks including scams and money losses.
A Bybit Cointelegraph said the exchange was “focused on operation with transparency and in full compliance with local laws and regulations in all constituents.” The representative said that the Bybit was aware of the steps announced by Thai Sec, adding:
“We take this matter seriously and are actively engaged with the regulators to look for more clarity.”
OKX did not respond to Cointelegraph’s inquiry by publishing.
Related: Tether Gold enters Thailand with a list at Maxbit Exchange
Thailand is taking a measured crypto approach
Thailand has made a measured approach towards the regulation of digital assets in recent months. Earlier in May, the government was reported preparing to let tourists spend cryptocurrency Through credit card-associated platforms as part of a broader approach to modernize its financial system and embrace digital properties.
In addition, Thailand’s Ministry of Finance has reported that plan that Issue $ 150 million worth of digital investment tokensEnabling retail investors to buy government bonds. In March, local regulators approved Tether’s USDT (USDT) and USDC of the Circle (USDC) for use in cryptocurrency trading, which allows stablecoins listed in regulated exchanges nationwide.
https://www.youtube.com/watch?v=wjs2kxhdexg
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