Thailand is set to block five major cryptocurrency exchanges—Bybit, OKX, CoinEx, 1000X, and XT.COM—from operating within the country starting June 28, 2025. This move comes as part of the government’s efforts to regulate the crypto market more strictly and protect investors from unlicensed platforms.
Why Are These Exchanges Being Blocked?
The Thai Securities and Exchange Commission (SEC) has identified these exchanges as operating without valid local licenses. Under Thailand’s Digital Asset Business Act, any crypto platform must obtain proper authorization to legally offer services in the country.
The SEC has filed formal complaints with the Economic Crime Suppression Division against these exchanges for unauthorized digital asset business activities. The ban also aims to prevent the use of these platforms for money laundering and other illegal financial activities.
This enforcement is backed by the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes, which came into effect on April 13, 2025. This decree empowers the Ministry of Digital Economy and Society to block access to unauthorized digital platforms.
What Does This Mean for Crypto Users in Thailand?
Starting June 28, Thai users will no longer be able to access Bybit, OKX, CoinEx, 1000X, and XT.COM. The SEC has urged investors to withdraw or secure their assets on these platforms before the shutdown date to avoid potential losses or legal complications.
Investors are advised to switch to licensed exchanges to ensure their trades and holdings are protected under Thai law. Using authorized platforms also reduces the risk of scams and fraud.
How Are the Exchanges Responding?
Bybit has stated its commitment to transparency and regulatory compliance. The company is actively engaging with Thai regulators to clarify the situation and explore possible solutions.
OKX has acknowledged the importance of regulatory engagement but has not issued a detailed public response yet.
Summary Table
| Aspect | Details |
| Exchanges Blocked | Bybit, OKX, CoinEx, 1000X, XT.COM |
| Block Date | June 28, 2025 |
| Reason | Operating without local licenses; violations of Digital Asset Business Act |
| Regulatory Authority | Thailand SEC and Ministry of Digital Economy and Society |
| Legal Basis | Royal Decree on Technology Crimes; Digital Asset Business Act |
| User Advisory | Withdraw assets before June 28; use licensed platforms |
| Main Risks Addressed | Money laundering, scams, investor protection |
What This Means for Thailand’s Crypto Market
This crackdown highlights Thailand’s commitment to tightening crypto regulations. The government aims to create a safer trading environment by ensuring all platforms comply with local laws.
For investors, this means increased protection but also the need to stay informed and cautious. The move reflects a broader trend in Southeast Asia, where regulators are becoming more vigilant about crypto activities.
Key Takeaways
- Thailand is blocking five unlicensed crypto exchanges starting June 28, 2025.
- The ban is based on violations of licensing laws and concerns over illegal activities.
- Investors should withdraw assets from these platforms before the cutoff date.
- Licensed exchanges offer better legal protection and reduce fraud risk.
- The move signals stronger crypto regulation in Thailand and the region.
FAQs
Q: Why are these exchanges being blocked?
- A: They lack valid local licenses and violate Thailand’s Digital Asset Business Act.
Q: What should investors do now?
- A: Withdraw or secure assets on these platforms before June 28.
Q: Can these exchanges return legally?
- A: Yes, if they obtain proper licenses.
Q: Who is enforcing the ban?
- A: The Thai SEC and Ministry of Digital Economy and Society.
Q: How will this affect crypto trading in Thailand?
- A: It will increase regulatory oversight and protect investors.
Thailand’s decision to block Bybit, OKX, and others shows a clear push to regulate digital assets firmly. For crypto users in Thailand, the message is clear: act fast, stay legal, and choose licensed platforms to safeguard your investments.
