No Licence, No Access: Bybit and OKX Among Five Crypto Platforms Banned in Thailand Over Investor Safety and Laundering Risks

Thailand Bans Five Major Crypto Exchanges Over Licensing Breach

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.

Why Is Thailand Blocking These Crypto Platforms?

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.

New Law Gives Regulators Stronger Enforcement Power

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.

Crypto Crackdown Doesn’t Mean Crypto Rejection

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.

Crypto Tourism And Reforms Still On The Horizon

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.