On June 28, 2025, Thailand is set to implement a significant regulatory measure that will block access to five major cryptocurrency exchanges—Bybit, CoinEx, OKX, 1000X, and XT.COM—citing their operation without proper licensing. This move by the Thai Securities and Exchange Commission (SEC) underscores the nation’s commitment to enforcing its Digital Asset Business Act B.E. 2561 (2018) and the Emergency Decree on Prevention and Suppression of Technology Crimes B.E. 2568 (2025). The SEC has filed formal complaints against these platforms for engaging in digital asset services without the necessary authorization, leading to the forthcoming access restrictions.
The decision to block these unlicensed platforms is part of a broader effort by Thai regulators to protect investors and prevent illicit activities such as money laundering. The Ministry of Digital Economy and Society (MDES) will implement technical measures to restrict access to these exchanges, aligning with the country’s enhanced legal framework aimed at curbing cybercrime and unauthorized digital asset services.
For Thai crypto traders and investors, this impending action serves as a critical reminder of the importance of engaging with licensed and regulated platforms. The forthcoming access restrictions highlight the necessity for proactive measures to secure assets and ensure compliance with local regulations.
Why Thailand Is Blocking Unlicensed Crypto Exchanges
Thailand’s decision to block access to five major cryptocurrency exchanges—Bybit, CoinEx, OKX, 1000X, and XT.COM—is rooted in a strategic approach to digital asset regulation aimed at safeguarding investors and maintaining financial integrity.
The Securities and Exchange Commission (SEC) of Thailand has identified these platforms as operating without the necessary licenses under the Digital Asset Business Act B.E. 2561 (2018). This act mandates that all entities offering digital asset services within Thailand must obtain authorization from the SEC. The SEC has filed formal complaints with the Economic Crime Suppression Division (ECD) against these exchanges, citing violations of the act.
A significant factor influencing this crackdown is the concern over money laundering activities. The SEC has expressed apprehension that unregulated platforms could be exploited for illicit financial transactions, thereby undermining the integrity of Thailand’s financial system. By enforcing licensing requirements, the SEC aims to mitigate such risks and ensure that digital asset services operate transparently and within the bounds of the law.
Furthermore, the Ministry of Digital Economy and Society (MDES) has been granted the authority to implement technical measures to block access to unauthorized digital asset platforms. This empowerment is part of a broader effort to enhance the enforcement of digital asset regulations and to swiftly address any breaches.
In summary, Thailand’s actions reflect a commitment to establishing a secure and regulated environment for digital asset activities. By enforcing licensing requirements and addressing potential misuse, the country seeks to protect investors and uphold the integrity of its financial system.
Affected Platforms
As of June 28, 2025, Thai cryptocurrency traders will lose access to five major exchanges: Bybit, CoinEx, OKX, 1000X, and XT.COM. These platforms have been identified by the Thai Securities and Exchange Commission (SEC) as operating without the necessary licenses under the Digital Asset Business Act B.E. 2561 (2018). The SEC has filed formal complaints with the Economic Crime Suppression Division, leading to the forthcoming access restrictions.
Bybit
Founded in 2018 and headquartered in Dubai, Bybit is one of the world’s largest cryptocurrency exchanges. It offers a wide range of services, including spot, margin, and derivatives trading. However, Bybit has faced regulatory challenges in various jurisdictions. In 2025, the exchange experienced a significant security breach, resulting in the theft of approximately $1.5 billion in assets, marking it as the largest cryptocurrency theft on record. The hack was attributed to the Lazarus Group, a North Korean state-sponsored hacking entity.
CoinEx
CoinEx is a Seychelles-based cryptocurrency exchange that provides services such as spot, margin, and futures trading. Despite its global presence, CoinEx has been flagged by the Thai SEC for operating without a license in Thailand. The SEC’s actions are part of a broader effort to enforce compliance with local regulations and protect investors from potential risks associated with unlicensed platforms.
OKX
OKX, formerly known as OKEx, is a San Jose-headquartered cryptocurrency exchange that offers a comprehensive suite of services, including spot and derivatives trading, staking, and a decentralized finance (DeFi) platform. The exchange has a significant global user base and has obtained regulatory licenses in several jurisdictions. However, in Thailand, OKX has been found to be operating without the required license, leading to the SEC’s decision to block access for Thai users.
1000X
1000X is a cryptocurrency exchange that has been identified by the Thai SEC as operating without a license in the country. Specific details about the platform’s services and operations are limited, but its inclusion in the SEC’s enforcement actions underscores the regulator’s commitment to ensuring that all digital asset platforms comply with Thai laws and regulations.
XT.COM
XT.COM is a global cryptocurrency exchange that offers a variety of trading services. Despite its international operations, XT.COM has been flagged by the Thai SEC for providing services to Thai users without the necessary license. The SEC’s actions are part of a broader initiative to regulate the cryptocurrency industry and protect investors from potential risks associated with unlicensed platforms.
The Thai SEC’s decision to block these platforms is a significant step in the country’s efforts to regulate the cryptocurrency industry and ensure that only licensed and compliant platforms operate within its borders. For Thai traders and investors, this serves as a reminder of the importance of engaging with regulated platforms to ensure the safety and security of their digital assets.
Implications for Thai Traders
As Thailand moves forward with its decision to block access to unlicensed cryptocurrency exchanges effective June 28, 2025, Thai traders face significant implications that require immediate attention.
Loss of Access to Trading Platforms
Starting June 28, Thai traders will be unable to access these unlicensed platforms. The Thai Securities and Exchange Commission (SEC) has filed formal complaints against these exchanges for operating without the necessary licenses under the Digital Asset Business Act B.E. 2561 (2018). Consequently, the Ministry of Digital Economy and Society (MDES) will implement measures to block access to these platforms within Thailand.
Risks of Asset Loss and Legal Exposure
Assets held on unlicensed platforms are not protected under Thai law. This lack of legal protection exposes investors to potential risks, including the possibility of fraud and scams. The SEC has warned that such platforms could be used for illicit activities like money laundering, further increasing the risk to investors.
Urgency to Secure Assets
The SEC advises all investors using these platforms to take necessary action regarding their assets before the shutdown date. This includes withdrawing funds and transferring them to licensed exchanges to ensure the safety and legality of their investments.
Transition to Licensed Platforms
To continue trading legally within Thailand, investors must transition to licensed platforms. Licensed exchanges operate under the regulatory framework established by the SEC and are subject to stringent operational and financial requirements. These platforms offer a safer environment for trading, with protections in place for investors.
Steps to Secure Your Assets Before June 28
With the Thai Securities and Exchange Commission’s (SEC) decision to block access to unlicensed cryptocurrency exchanges—including Bybit, CoinEx, OKX, 1000X, and XT.COM—effective June 28, 2025, it’s imperative for Thai traders to take immediate action to secure their assets.
1. Withdraw Funds from Unlicensed Exchanges
To safeguard your investments, promptly withdraw all funds from these unlicensed platforms. Access to these exchanges will be restricted post-June 28, and any assets left on them may be inaccessible.
2. Transfer Assets to Licensed Thai Exchanges
After withdrawing your funds, transfer them to a licensed cryptocurrency exchange operating under the Thai SEC’s regulations. Licensed platforms include Bitkub, Satang Pro, and Zipmex. These exchanges offer secure environments for trading and are compliant with local laws.
3. Complete Know Your Customer (KYC) Verification
To use licensed exchanges, you’ll need to complete a KYC verification process. This typically involves submitting identification documents and proof of address. Completing KYC ensures compliance with Thai regulations and enhances the security of your account.
4. Enable Two-Factor Authentication (2FA)
For added security, enable 2FA on your accounts. This adds an extra layer of protection by requiring a second form of verification, such as a code sent to your mobile device, in addition to your password.
5. Monitor Regulatory Updates
Stay informed about any changes in Thailand’s cryptocurrency regulations. Regularly check the SEC’s official website and other reliable sources for updates that may affect your trading activities.
By taking these steps, you can ensure the safety and compliance of your cryptocurrency investments in Thailand.
Transitioning to Licensed Crypto Exchanges in Thailand
With Thailand’s impending block on unlicensed cryptocurrency exchanges effective June 28, 2025, it’s crucial for Thai traders to transition to licensed platforms to ensure the safety and legality of their investments. Engaging with platforms regulated by the Thai Securities and Exchange Commission (SEC) offers enhanced security, compliance with local laws, and seamless integration with Thai banking systems.
Several licensed exchanges operate within Thailand, providing a range of services to cater to different trading needs.
Bitkub
Established in 2018, Bitkub is Thailand’s largest cryptocurrency exchange, holding a significant market share. It offers a user-friendly platform for buying, selling, and trading a variety of cryptocurrencies. Bitkub is regulated by the Thai SEC, ensuring compliance with local laws and providing users with a secure trading environment.
Satang Pro
Satang Pro is another SEC-licensed exchange in Thailand, known for its secure platform and a wide range of supported cryptocurrencies. It offers features tailored to both beginners and experienced traders, including advanced trading tools and a user-friendly interface.
Zipmex
Zipmex is a licensed exchange that provides a platform for trading various cryptocurrencies. It offers services such as staking and earning rewards, catering to users looking to engage in more than just basic trading.
KuCoin Thailand
In April 2025, KuCoin launched its Thai subsidiary, KuCoin Thailand, operating under the supervision of the Thai SEC. This move marks a significant step in expanding its services to Thai users, offering a wide range of cryptocurrencies and trading features.
Registration Process on Licensed Platforms
To transition to a licensed exchange, follow these general steps:
1. Choose a Platform: Select a licensed exchange that aligns with your trading needs and preferences.
2. Create an Account: Visit the exchange’s official website or download their mobile application.
3. Complete KYC Verification: Provide necessary identification documents, such as a national ID card or passport, and proof of address.
4. Deposit Funds: Link your Thai bank account to the exchange and deposit funds in Thai Baht (THB).
5. Start Trading: Once your account is verified and funded, you can begin trading cryptocurrencies.
By transitioning to a licensed exchange, you ensure that your trading activities are compliant with Thai regulations, providing you with a safer and more secure trading experience.
Legal and Regulatory Landscape in Thailand
Thailand has established a comprehensive legal framework for digital assets, primarily through the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). This decree, enforced by the Securities and Exchange Commission (SEC), mandates that all digital asset businesses—including exchanges, brokers, and dealers—must obtain a license to operate legally within the country.
The regulatory landscape was further strengthened in April 2025 with amendments to the Digital Asset Business Law and the Measures for the Prevention and Suppression of Cybercrime Law. These amendments broadened the definition of providing services in Thailand to include offshore digital asset businesses that display content in Thai, accept payments in Thai baht, or target Thai users through various means. Such businesses are now required to obtain relevant licenses from the Thai Minister of Finance.
Penalties for non-compliance are stringent. Businesses operating without a license can face fines of up to THB 1,000,000 and/or imprisonment for up to five years. Civil sanctions may include trading bans and bans from holding executive positions in any digital asset business.
The Thai SEC has also implemented measures to combat illicit activities, such as money laundering and fraud, within the digital asset sector. These measures include enhanced surveillance and stricter compliance requirements for licensed operators.
Future Outlook for Crypto Regulations in Thailand
Thailand is positioning itself as a leader in the digital asset space in Southeast Asia. The government’s proactive approach to regulation, investor protection, and innovation is evident in several recent developments.
Tax Incentives to Boost Crypto Adoption
In a significant move to encourage cryptocurrency trading, Thailand has approved a five-year capital gains tax exemption on profits from the sale of digital assets. This exemption, effective from January 1, 2025, to December 31, 2029, applies to transactions conducted through platforms licensed by the Thai Securities and Exchange Commission (SEC). The policy aims to attract both domestic and international investors, positioning Thailand as a global digital asset hub.
Regulatory Sandbox for Innovation
To foster innovation in the digital asset sector, the Thai SEC launched a regulatory sandbox in August 2024. This initiative allows digital asset businesses to test new products and services under a controlled regulatory environment. The sandbox supports various services, including cryptocurrency trading platforms, investment advisory, and programmable payments. It provides a platform for businesses to develop and refine their offerings while ensuring compliance with Thai regulations.
Proposed Amendments to Digital Asset Laws
The Thai SEC has proposed amendments to the Digital Asset Business Act B.E. 2561 (2018) to enhance the regulatory framework for digital assets. These amendments include the introduction of a positive list of regulated digital assets, such as native coins of blockchains, governance tokens, and asset-backed stablecoins. The SEC is also considering allowing digital asset exchanges to list utility tokens issued by their affiliated entities, subject to regulatory approval.
Integration of Blockchain Technology
The Thai government is exploring the use of blockchain technology across various sectors. In 2025, initiatives are expected to be launched to demonstrate the government’s commitment to promoting innovation in the financial sector. These initiatives aim to align Thailand with global trends and enhance the country’s digital infrastructure.
Challenges and Considerations
Despite these advancements, challenges remain. The Bank of Thailand has expressed caution regarding the use of cryptocurrencies as a medium of payment, citing concerns over volatility and scalability. While the government is exploring pilot projects, such as allowing tourists to use cryptocurrency in designated areas, broader adoption faces regulatory and technical hurdles.
Thailand’s forward-thinking approach to cryptocurrency regulation, coupled with tax incentives and innovation-friendly policies, positions the country as a formidable player in the global digital asset arena. As the regulatory landscape continues to evolve, stakeholders must stay informed and adaptable to navigate the dynamic environment.
Navigating Thailand’s Evolving Crypto Landscape
Thailand’s approach to cryptocurrency regulation in 2025 reflects a balance between fostering innovation and ensuring investor protection. The government’s initiatives, such as the five-year capital gains tax exemption for transactions conducted through licensed platforms, aim to position Thailand as a leading digital asset hub in Southeast Asia.
The introduction of the regulatory sandbox by the Thai Securities and Exchange Commission (SEC) allows digital asset businesses to test new products and services under a controlled environment, promoting innovation while maintaining regulatory oversight.
For Thai traders and investors, staying informed about these developments and ensuring compliance with local regulations is crucial. Engaging with licensed platforms and participating in government-endorsed initiatives can provide opportunities while mitigating risks.
As Thailand continues to refine its digital asset policies, the evolving landscape presents both challenges and opportunities for stakeholders in the crypto space.
