According to a statement made on May 29, Bybit, 1000X, CoinEx, OKX, and XT.COM will be inaccessible nationwide as of June 28. The SEC stated that the move aims to protect investors and take action against platforms allegedly involved in money laundering and other illegal activities.

In its announcement, the SEC urged users with assets on these platforms to take necessary steps before the June 28 deadline.

New Law Grants Authority to Digital Ministry

This decision follows the Royal Decree on the Prevention and Suppression of Technology Crimes, which came into effect on April 13 in Thailand. Under the updated framework, the Ministry of Digital Economy and Society (MDES) now holds the power to block unlicensed digital asset trading platforms.

Earlier in April, Thailand’s Cabinet approved amendments to emergency laws related to digital asset businesses and cybercrime. These changes aim to prevent foreign-based P2P crypto service providers from operating illegally within the country.

Complaint Filed Over Unlicensed Operations

Following its investigation, the Thai SEC concluded that the five platforms in question were operating without valid local licenses. This violates the Royal Decree on Digital Asset Businesses, prompting the SEC to file an official complaint with the MDES. The complaint is expected to result in these services being blocked throughout the country.

The regulator also issued a public warning about the risks of using unlicensed crypto services, emphasizing that such users are not protected under Thai law and may be exposed to scams and fraud-related risks.

Balanced Regulatory Stance on Crypto Continues

Thailand continues to take a measured approach to crypto regulation. In May, it was reported that the government is working on a solution allowing tourists to make crypto payments through credit card-linked systems.

Additionally, the Ministry of Finance plans to issue $150 million worth of digital investment tokens, enabling retail investors to purchase government bonds. In March, regulators approved the use of stablecoins like USDt from Tether and USDC from Circle on licensed crypto exchanges nationwide.

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