Thailand is tightening its grip on unlicensed digital asset platforms.
Announced on Thursday, the country’s Securities and Exchange Commission (SEC) has confirmed a sweeping crackdown that will block access to five prominent cryptocurrency exchanges — Bybit, 1000X, CoinEx, OKX, and XT.COM.
The ban will take effect from 28 June 2025.
Authorities found the five platforms had been offering trading services to Thai users without the necessary local licences.
The SEC, in a translated statement, explained the decision was taken “to protect investors and prevent illegal platforms from being a channel for money laundering by fraudsters”
Legal action is now underway against the platforms, in coordination with Thailand’s Economic Crime Suppression Division.
The Ministry of Digital Economy and Society will officially implement the access ban next month under its newly expanded legal powers.
This enforcement wave follows the introduction of the Royal Decree on the Prevention and Suppression of Technological Crime, which came into effect in April.
The legislation equips authorities with the ability to swiftly block illegal websites and digital services suspected of targeting Thai users.
The law has widened the net of responsibility, allowing the government to hold not only crypto operators but also banks, telecom companies, and social media platforms liable if they fail to prevent cybercrime.
Despite the SEC’s decisive action, Thailand continues to explore blockchain and digital asset innovation through legal channels.
In May, the Ministry of Finance issued a $150 million blockchain-based investment token — the G-Token — aimed at retail investors looking to purchase government bonds.
Jomkwan Kongsakul, the SEC’s deputy secretary-general, stated the G-Token will be distributed via an approved initial coin offering (ICO) portal, with the Ministry of Finance serving as registrar.
However, the SEC clarified that G-Tokens are not permitted to function as a medium of exchange, clearly separating regulated financial tools from speculative crypto trading.
Despite the bans, Thailand hasn’t entirely turned its back on digital innovation.
Plans are underway to roll out crypto-loaded debit cards aimed at tourists, allowing them to spend their crypto holdings locally.
While vendors will receive Thai baht, international travellers will have the convenience of linking their crypto assets.
At the same time, Finance Minister Pichai Chunhavajira recently discussed upcoming reforms to the country's capital market regulations, signalling Thailand’s ongoing interest in modernising its financial infrastructure while maintaining strict oversight.
This dual approach shows Thailand is moving toward a regulated and secure digital asset environment — one that encourages innovation while cracking down on unauthorised platforms operating outside its legal framework.
South Korean police warn of crypto scammers in chat app "reading rooms," deceiving investors with false promises, leading to an investigation and calls for vigilance against such fraudulent schemes.
AlexArthur Hayes criticized Cardano's dApps for lack of utility, engaging in a heated exchange with co-founder Charles Hoskinson, while questioning ADA's value and suggesting Ethereum as a better option.
AlexStartale Labs secures $7M in seed funding from Samsung, UOB, and Sony for Web3 expansion, aiming to lead Web3 adoption in Asia with innovative products and strategic partnerships.
WeiliangShanghai Anxun Information Company's internal leak on GitHub exposed illegal cybersecurity services, infiltrating government departments globally, and selling sensitive information, sparking calls for industry regulation.
KikyoDigital Currency Group disputes Genesis' settlement with NYAG over fraud charges, arguing it unfairly prioritizes certain creditors, challenging legal and regulatory norms in the crypto industry.
BrianPhilippine regulators threaten to block Binance for operating without a license, raising concerns among the crypto community and testing the exchange's compliance under new leadership amidst global regulatory challenges.
AlexParis Saint-Germain becomes a blockchain validator for Chiliz Chain, using revenue to buy back PSG fan tokens, pioneering sports clubs' deeper integration into digital economies and cryptocurrency technologies.
MiyukiLejilex and CFAT sue the SEC for overstepping in crypto regulation, seeking clear rules and challenging the classification of digital assets as securities, invoking the major questions doctrine.
WeiliangUnlock essential tips to spot and avoid blockchain scams with our guide, tailored for cryptocurrency enthusiasts seeking to safeguard their digital assets and personal information.
AlexKraken contests an SEC lawsuit alleging it operated as an unregistered exchange, arguing cryptocurrencies are commodities, not securities, in a pivotal case for crypto regulation.
Miyuki