- Thai regulators have announced plans to block access to five cryptocurrency exchanges by the end of June
- The targeted platformslike Bybit and OKXallegedly operated without proper licensing
- Investors in Thailand have been told to withdraw funds before the crackdown kicks in
Thailand is turning up the heat on unregistered crypto exchanges by promising to ban them at the end of June. The countrys Securities and Exchange Commission (SEC) has issued a warning to five exchanges, including major players like OKX and Bybit, that they will be blocked from local access starting June 28 unless they become fully regulated. The SEC says the companies have been operating in the Thai market without licenses, and now theyre moving to shut them out in order to protect customers.
Platforms Named and Shamed
The exchanges on the chopping blockBybit, OKX, CoinEx, 1000X, and XT.COMhave all been accused of running afoul of Thailands Digital Asset Business Act. According to the SEC, none of them had the proper paperwork to serve Thai customers, yet they continued to do so, leading to officials filing formal complaints. They will now work with Thailands Ministry of Digital Economy and Society to technically block access to these platforms, unless they can get themselves on the right side of the law by the end of the month.
Authorities have also issued a warning to local investors not to wait to get their funds off the exchange, stating, Investors should promptly secure their assets before the restriction takes effect. The message is clear: once the ban goes live, access might be lost, and the government wont be able to help.
Exchanges Push BackCautiously
OKX responded by saying it intends to work with regulators and respects local laws, with a company spokesman stating, We are fully committed to engaging with governments and law enforcement agencies to prevent illicit activities. Bybit struck a tone, acknowledging the issue and reaching out to Thai authorities to seek further clarity.
While this might look like a crackdown, Thailand isnt shutting the door on crypto . In fact, the government has floated plans to let tourists spend crypto through prepaid debit cards that convert directly to baht. There is also talk of issuing blockchain-based investment tokens for retail investorssigns that the country is still interested in the upside of digital finance, just not at the expense of oversight.
