Thai SEC Sues OKX Exchange for Unlicensed Trading

Highlights:

• Thai SEC has filed a lawsuit against OKX, accusing the exchange of offering unlicensed services.
• The lawsuit also targeted nine individuals for aiding the OKX’s expansion in Thailand.
• OKX could face the penalties outlined in Thailand’s criminal code.

Thailand’s Securities and Exchange Commission (SEC) has lodged a new complaint against Aux Cayes FinTech Co. Ltd., the operator of crypto exchange OKX, and nine others. The filing alleged that these individuals helped OKX provide unlicensed crypto exchange services.

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According to local media, the SEC filed the lawsuit with Thailand’s Economic Crime Suppression Division (ECD), accusing OKX of flaunting the nation’s Emergency Decree on Digital Asset Businesses (2018).

Thailand's SEC has filed a criminal complaint against OKX operator Aux Cayes FinTech and nine individuals for offering crypto trading services without a license, violating the 2018 Digital Asset Business Decree. OKX reportedly served Thai users since 2021 via its website and…

— Wu Blockchain (@WuBlockchain) March 29, 2025

Thai SEC Investigation Findings

The SEC investigations found that OKX offered Thai citizens crypto trading services through a website linked to the exchange. The regulatory body also mentioned that OKX charged users transaction fees of 0.1%.

Beyond offering unlicensed services, OKX advertised these services across social media platforms, including X (formerly Twitter), Telegram, and Line OpenChat groups. The nine people named in the lawsuit also helped promote OKX’s activities across Thai online platforms.

These nine individuals include Saurawit Sanguanphokai, Akarawath Rujiruangchai, Rachata Chuesaibua, Varut Vanichayakosol, Sarun Boonmesrisanga, Nut Joongwong, Kritsana Kritsananuwat, Smithi Charoenmin, and Kittithat Benchacharoenpat.

The SEC noted that these individuals’ promotional efforts boosted OKX’s local customers and market presence in Thailand. “Such actions are subject to penalties outlined under Section 66 of the Emergency Decree, in conjunction with Section 86 of the Criminal Code,” the regulators added.

🔥BREAKING: Thai SEC Files Criminal Complaint Against OKX for Unlicensed Operations. pic.twitter.com/IGIkipoJrL

— Pushpendra Singh Digital (@PushpendraTech) March 29, 2025

Thai SEC Reiterates Strict Adherence Policy to Crypto Trading Laws

The SEC has emphasized strict adherence to its crypto trading rules. It also noted that it would work with relevant authorities to enforce its regulations. In addition, the regulatory agency warned the public against using unlicensed crypto exchanges. It also cautioned that users could lose their funds without investor protections.

To protect its citizens from scams, the SEC urged them to validate the authenticity of trading platforms on the regulatory body’s official website or mobile application.

OKX Faces Increasing Challenges from Crypto Regulatory Bodies

Recently, OKX has become a target of regulatory bodies in different regions of the world. In an old publication, Crypto2Community reported that the exchange has temporarily halted its Web3 Decentralized Exchange (DEX) aggregator. The move aims to upgrade the platform’s security and prevent misuse by hackers.

The exchange admitted to facing targeted media attacks questioning its integrity and operation. This comes after OKX was accused of aiding the Bybit hacker in laundering portions of the $1.5 billion stolen crypto assets. Following the allegations, the European Union (EU) opened investigations into the exchange’s operations. The investigational findings could result in OKX losing its MiCA license if found guilty of aiding money laundering.

Meanwhile, OKX has made efforts to upgrade its security protocols with two new features. First, the trading platform rolled out a hacker address detection system for its Web3 DEX aggregator. Second, it launched a feature to identify scammers’ most recent addresses and block them on OKX’s Centralized Exchange (CEX).

OKX Records Expansion in Europe Amid Tight Regulations

Despite the tight crypto regulatory guidelines, OKX has recorded significant European expansion. The exchange recently acquired a Markets in Financial Instruments Directive (MiFID II) license.

OKX will launch derivative products and services for European institutional clients with the license. In addition, it allows the exchange to expand its offerings across 28 European Economic Areas (EEA) through passporting. OKX said it plans to make its platform a choice outlet for users by regularly modifying its operations to meet global regulatory requirements.

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