- Thailand blocks Bybit, OKX, CoinEx, XT.COM, 1000X on 28 June
- Action enforces new cyber-crime decree for unlicensed exchanges
- Users advised to withdraw assets before access ends
Thailand’s financial regulators have moved to block five cryptocurrency exchanges from operating in the country. This action follows updates to local laws focused on technology crime prevention. The affected platforms include Bybit, OKX, CoinEx, XT.COM, and 1000X. Authorities say the decision is based on the lack of proper licenses required for legal operation in Thailand. Investors using these services have been advised to take action before access is restricted. The changes are part of a broader approach to digital asset regulation in the country.
Regulatory Trigger: Royal Decree on Digital Assets (13 April 2025)
In Thailand, a Royal Decree aimed at preventing technology crimes took effect on 13 April, assigning the Ministry of Digital Economy and Society (MDES) legal authority to disable unlicensed digital-asset venues. This decree supplements the 2018 Digital Asset Business Law by introducing faster takedown procedures that do not require lengthy court orders once the SEC files a complaint.
Thailand SEC Orders Five Exchanges to Cease Operations
After investigating the five platforms, regulators concluded that each had been matching trades for domestic clients without a local licence. Formal complaints lodged with MDES cite specific breaches of Articles 26 and 27 of the Digital Asset Business Law. MDES is therefore expected to direct internet service providers to block the relevant domains and mobile applications beginning 28 June 2025.
Implications for Investors and Market Participants
Clients using the affected services must relocate tokens or fiat balances to approved venues or private wallets before the cutoff date. Balances left in place could become inaccessible once geolocation and IP filters tighten. The SEC has warned that users transacting on unregistered exchanges are ineligible for statutory protections covering fraud, system failures or insolvency.
Exchange Responses and Contingency Plans
Bybit has stated it is “committed to operating with transparency” and is seeking clarification from authorities, while OKX has not yet commented publicly. Internal compliance teams at multiple firms are reviewing options that range from applying for a local broker-dealer licence to halting new account creation and winding down residual traffic with selective withdrawals.
Thailand Digital Asset Framework: Licences and Enforcement
Obtaining a full exchange licence in Thailand requires paid-up capital of at least THB 50 million, robust custody controls, quarterly audits and a local compliance officer. Since 2019 the SEC has approved sixteen licences but has also issued more than forty warning letters to offshore sites. The latest crackdown is the first to employ the rapid-response powers granted in April, signalling tighter day-to-day monitoring.
Thailand Crypto Adoption Initiatives Beyond Enforcement
Policy makers continue to explore mainstream uses of distributed-ledger technology. Draft rules published in May would let tourists spend crypto through credit-card-linked gateways, smoothing retail conversion. Separately, the Ministry of Finance intends to raise roughly USD 150 million in blockchain-recorded investment tokens, bringing retail savers into short-term government debt markets. Earlier, regulators approved USDt and USDC trading pairs on licensed exchanges, broadening stablecoin liquidity.
International Context and Comparisons
Regional counterparts such as Singapore and Hong Kong run tiered licensing regimes but seldom order outright blocks; they instead rely on advertising bans and local bank controls. By contrast, India imposes a high withholding tax on every crypto sale, while Indonesia plans a state-run futures clearing house for digital assets. Market participants therefore watch the Thai approach as a bellwether for balancing consumer safeguards with innovation incentives across Southeast Asia.
Conclusion
The closure order against Bybit, 1000X, CoinEx, OKX and XT.COM underscores the SEC’s resolve to apply the April cyber-crime decree swiftly. Investors must act before 28 June 2025 to secure funds, and exchanges face a choice between licensing and exit. At the same time, officials are advancing stablecoin listings, tourist payment pilots and blockchain-bond issuance, reflecting a regulatory stance that combines strict enforcement with controlled innovation.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
