Thailand SEC to Ban Bybit, OKX, and Three Other Crypto Exchanges Over Regulatory Breaches
The Securities and Exchange Commission (SEC) of Thailand has announced a sweeping ban on five major cryptocurrency exchanges—Bybit, OKX, CoinEx, 1000X, and XT.com—effective June 28, 2025. The move comes amid allegations of non-compliance with Thai financial regulations and concerns over anti-money laundering (AML) violations.
Regulatory Action and Investor Warning
In an official statement, the Thailand SEC cited that the targeted exchanges failed to meet local compliance standards, posing significant risks to both investors and the broader financial system. The decision underscores Thailand’s intensified crackdown on unlicensed and non-compliant crypto platforms operating within its jurisdiction.
As part of the enforcement effort, the SEC has urged Thai investors to withdraw all funds from the affected exchanges before June 28. After this date, access to these platforms will be restricted within Thailand, and users may risk losing access to their assets.
“Delays in withdrawal could result in complications, including loss of funds,” the SEC warned, stressing the urgency of taking action ahead of the deadline.
Focus on Stronger Oversight
This move reflects a broader push by Thai authorities to establish a more secure and transparent crypto ecosystem, in line with global standards. Regulators have been placing increased emphasis on Know Your Customer (KYC) requirements and AML compliance as digital asset adoption continues to grow.
By clamping down on international exchanges that operate without proper licensing or oversight, Thailand aims to strengthen its digital financial infrastructure and protect investors from illicit activity and market instability.
The ban aligns with a global trend of regulatory tightening, as governments seek to balance innovation with accountability in the rapidly evolving crypto space.
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