Thailand to Block Access to Five Crypto Exchanges Over Licensing Violations

Highlights:

• The SEC will block five crypto exchanges next month for operating without local approval.
• The SEC urges users to withdraw funds before access ends and warns about risks from unlicensed platforms.
• Thailand supports blockchain use through G-Token bonds while cracking down on unauthorized digital asset services.

Thailand has announced plans to block the operation of five crypto exchanges in the country for offering services to users in the country without a valid local license. These platforms include Bybit, OKX, CoinEx, 1000X, and XT.COM. According to the SEC, all five failed to meet Thailand’s legal requirements for digital asset businesses. As a result, the agency has filed formal complaints with the Economic Crime Suppression Division for further legal action.

NEW: 🇹🇭Thailand's SEC will block access to Bybit, CoinEx, OKX, 1000X, and https://t.co/pALWKWvJC3 on June 28 for operating without a license. pic.twitter.com/xyn3LXXw3y

— CryptosRus (@CryptosR_Us) May 30, 2025

The SEC stated that the platforms operated websites targeting Thai users without registration or approval. Authorities are focusing on this to protect local investors and prevent using digital assets in crimes. The SEC explained that platforms must comply with all Thai regulations to be permitted in the country. It also mentioned that if users keep their assets on unlicensed platforms, those assets are not secured by local regulations.

In response, the Ministry of Digital Economy and Society will block access to these exchanges starting June 28. The SEC advised users to withdraw their funds before the platforms become inaccessible. Although the exchanges had time to apply for licenses or shut down services, they did not comply, which led to the enforcement action.

Thailand to Block Access to the Platforms Under New Cybercrime Law

The decision follows the enactment of the Royal Decree on the Prevention and Suppression of Technological Crime, which took effect in April. The new law grants the Ministry of Digital Economy and Society the authority to quickly block unauthorized digital services. The law gives the government more power to deal with platforms that breach Thai laws.

The Cabinet had already approved changes earlier this year to facilitate these steps. The rules were updated to cover digital asset businesses in emergency situations and also included more steps to prevent cybercrime. The goal of these updates is to stop foreign platforms from serving local users without approval, especially peer-to-peer services that function as exchanges.

Based on investigations, the SEC determined that the five exchanges had breached Thailand’s Digital Asset Business Act by operating without permission. The Ministry of Digital Economy and Society took action to block these services following formal complaints filed with it. The SEC warned that unlicensed platforms may result in scams or improper use of users’ funds.

Digital Crackdown on Crypto Exchanges Aligns with Blockchain Initiatives

While the SEC is stepping up enforcement, Thailand is also advancing its plans to support legal digital asset products. In early May, the Ministry of Finance introduced G-Token, a blockchain-based investment token. The token allows retail investors to buy government bonds and supports the country’s move toward digital fundraising. The $150 million offering marks Thailand’s first public blockchain-based investment project.

The sale of the token will occur through an approved initial coin offering (ICO) portal. The Finance Ministry will serve as the registrar for the program. However, the SEC clarified that G-Tokens cannot be used for payments, which separates them from private cryptocurrencies.

Earlier in the year, the Thai government approved USDT and USDC stablecoins for use on licensed trading platforms. In addition, the country strengthened the rules for digital asset firms by requiring them to do thorough customer checks, process suspicious cases promptly, and offer support to victims of fraud.