Thailand to Block Unlicensed Crypto Exchanges Including Bybit and OKX

Thailand is stepping up its crypto regulation with a major move to block several popular digital asset trading platforms. Starting June 28, 2025, the Securities and Exchange Commission (SEC) of Thailand will restrict local access to Bybit, OKX, CoinEx, XT.COM, and 1000X. These platforms are suspected of operating without proper licenses, violating the country’s strict digital asset laws.

Crackdown on Unlicensed Crypto Platforms

The crackdown is based on Thailand’s updated Royal Decree on Technology Crime Prevention and Suppression (Version 2) of 2025. This new legal framework gives authorities stronger tools to prevent technology crimes, including illegal crypto trading operations.

After a thorough investigation, the SEC found that the targeted platforms did not comply with licensing requirements under the Royal Decree on Digital Asset Business of 2018. The matter has now been handed over to the Economic Crime Suppression Division for further action.

The Ministry of Digital Economy and Society will enforce the network blockade, cutting off access to these unauthorized platforms. Per reports, this is part of a broader strategy to protect investors and ensure that digital asset trading in Thailand remains secure and transparent.

Protecting Investors and Preventing Money Laundering

The SEC highlighted investor protection as the primary reason behind the decision. Unlicensed platforms often lack oversight and proper security, exposing users to fraud and financial loss. Furthermore, these unauthorized exchanges can become conduits for money laundering and other illicit activities.

Thailand’s regulatory approach reflects global trends, where governments are increasingly targeting illegal crypto operations to maintain financial integrity.

“This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel,” the SEC said in a translated statement.

Enforcement Powers and Regulatory Tightening

In April 2025, Thailand enhanced its crypto regulatory framework by extending enforcement powers under the Technology Crime Prevention and Suppression Act. This update allows authorities to act more decisively against illegal digital platforms and strengthen the country’s cybercrime defenses.

The upcoming blockade on June 28 is the latest step in Thailand’s effort to tighten cryptocurrency oversight and ensure only licensed and compliant platforms operate within its borders.

This move follows previous announcements from the SEC about cutting off local access to unlicensed exchanges. Authorities have been conducting ongoing investigations and cooperation with various government bodies to monitor crypto activities effectively.

New Opportunities Amid Regulatory Controls

Despite strict measures, Thailand is also pushing forward with innovative crypto initiatives. Recently, Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced plans to allow tourists to use crypto-linked credit cards across the country.

This initiative will enable visitors to link their digital assets directly to credit cards. Payments will be processed in Thai Baht, making it seamless for merchants while expanding crypto’s real-world usability.

The Bank of Thailand will pilot this system soon, aiming to position Thailand as a leader in integrating cryptocurrencies like Bitcoin and Ethereum into everyday transactions.