Thailand will block unlicensed cryptocurrency exchanges Coinbase, Binance and OKX are on the list

Thai authorities are setting stringent controls on cryptocurrency exchanges without licenses, aiming to curb money laundering and related online criminal activities. In a move echoed by similar regulations in India and the Philippines, Thailand’s Securities and Exchange Commission (SEC) intends to prevent these platforms from operating within its jurisdiction.

Following a meeting of the Technology Crime Prevention and Suppression Committee on April 19, SEC Secretary-General Pornanong Budsaratragoon announced plans to furnish a list of these unlicensed exchanges to the Ministry of Digital Economy and Society.

To mitigate any adverse effects on the general public, the Thai SEC has advised crypto investors to transfer their assets from these unregistered exchanges before the ban is officially enforced. They emphasised the risks associated with unlicensed operators, including potential scams and involvement in money laundering activities.

Investors are urged to verify the licensing status of any crypto platform through the SEC’s Check First application. Notably, major exchanges like Binance, which remains unregistered, along with other prominent platforms such as Coinbase, KuCoin, Kraken, and OKX, will face operational restrictions in Thailand.

In parallel, regulatory developments in Europe spotlight the looming restrictions on non-decentralized protocols. The European Commission’s upcoming report, due by December 30 under the Markets in Crypto-Assets (MiCA) framework, will assess the DeFi market’s dynamics and the practicality of applying targeted regulations.

Rune Christensen, co-founder of MakerDAO, has voiced concerns over the implications for decentralized exchanges. He predicts that future regulations might necessitate fully decentralized or full-KYC frontends, altering the current landscape of DeFi services.