Thailand to Shut Access to Bybit, CoinEx, OKX and Others for Operating Without License

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

May 30, 2025

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The Thailand Securities and Exchange Commission (SEC) said Thursday that it will block access to five major cryptocurrency exchanges on June 28, part of a sweeping crackdown aimed at curbing money laundering and protecting retail investors from unauthorized digital asset platforms.

The regulator said that Bybit, 1000X, CoinEx, OKX and XT.COM were found to be operating without a license.

All five platforms have been accused of offering trading services to Thai users without authorization through their websites. As a result, legal action has been initiated with the Economic Crime Suppression Division.

This is “to protect investors and prevent illegal platforms from being used for money laundering by criminals,” the SEC said in a translated statement.

Regulators Now Armed with Legal Tools to Target Offshore Crypto Operators

The action follows months of increasing regulatory pressure. In response to rising concerns, Thailand passed new anti-cybercrime legislation in April. This law empowered the Ministry of Digital Economy and Society to quickly block suspicious websites and platforms.

More specifically, the Royal Decree on the Prevention and Suppression of Technological Crime came into effect that month. As a result, authorities were granted broader powers to shut down unlicensed digital services targeting Thai users.

Since then, the government has intensified enforcement. It is now focusing on crypto exchanges that operate outside the country’s legal framework.

Crypto Platforms Face Tighter Rules as Thailand Tests Blockchain in Public Finance

This move is part of a wider effort by Thai regulators to clean up the local crypto market. To support this shift, the Ministry of Finance introduced G-Token, a blockchain-based investment token, last month. It allows retail investors to purchase government bonds. Notably, the $150m issuance marks Thailand’s first attempt at tokenized public fundraising.

According to, Jomkwan Kongsakul, deputy secretary-general of the SEC, the G-Token would launch through an approved initial coin offering portal. In this setup, the Finance Ministry will serve as registrar.

However, the SEC has said that G-Tokens cannot be used as a medium of exchange. This restriction clearly separates regulated digital assets from the volatile world of cryptocurrency trading.

At the same time, regulators have tightened rules for digital asset firms. These include stricter customer screening, faster suspension of suspicious accounts, and more support for fraud victims.

Further, under the new law, the scope of accountability has widened. Banks, telecom firms and social media platforms can also be held liable if they fail to prevent cybercrime on their networks.