Thailand Implements Long-Promised Crackdown on Major Crypto Exchanges

Thailand's Securities and Exchange Commission has moved forward with its long-anticipated crackdown on unauthorized cryptocurrency exchanges, announcing Thursday that five major platforms will be blocked from serving local users starting June 28, the agency said in a statement.

The banned exchanges include Bybit, OKX, CoinEx, 1000X, and XT, all cited for "unauthorized offering of services to local users on their online websites." The Ministry of Digital Economy and Society will implement the technical blocks preventing Thai residents from accessing these platforms.

"This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel," the Thai regulator said, adding that it has "filed charges with the Economic Crime Suppression Division (ECD) for engaging in digital asset business without permission under the Digital Asset Business Act B.E. 2561 ( Digital Asset Act ) for further legal action."

Year-Long Implementation Timeline

The enforcement action represents the culmination of regulatory warnings dating back over a year . In April 2024, the Thai SEC first announced plans to cut off local access to unlicensed digital asset trading platforms following discussions with a government committee focused on preventing technology-related crimes.

The measured timeline allowed platforms time to seek proper licensing or wind down operations while giving users advance notice to withdraw assets. However, the five targeted exchanges apparently chose not to pursue Thai regulatory compliance, leading to the access restrictions.

The crackdown occurs as Thailand simultaneously pursues ambitious crypto innovation initiatives. The country is reportedly planning to issue approximately $150 million worth of investment-grade crypto tokens to the public in coming months. These government-backed tokens would offer returns superior to traditional bank deposits, representing a significant embrace of digital asset technology even as regulators crack down on unauthorized private platforms.

The banned platforms represent some of the largest crypto exchanges globally, with millions of users worldwide. Their exclusion from the Thai market removes significant liquidity sources for local crypto traders while potentially driving activity toward compliant domestic platforms. The selective enforcement against major international exchanges sends a clear message about regulatory expectations while allowing compliant platforms to continue serving the Thai market.

For exchanges seeking to serve Thai users, the enforcement action clarifies that proper SEC licensing remains mandatory regardless of global market position or user base size. The regulatory framework prioritizes investor protection and anti-money laundering compliance over market access convenience.

Users of the affected platforms have until June 28 to complete asset withdrawals before access restrictions take effect.