Thai Securities and Exchange Commission to prohibit access to Bybit, OKX, and other unregulated cryptocurrency exchanges by June 28.
Thailand Reinforces Cryptocurrency Regulations to Curb Money Laundering Activities and Protect Investors
In an effort to bolster investor protection and deter illegal activities such as money laundering, Thailand has tightened its regulations on cryptocurrency exchanges. The main changes and reasons behind these measures are outlined below.
Key Changes
- Blocking Unlicensed Platforms: Effective June 28, 2025, the Thai Securities and Exchange Commission (SEC) will block several prominent unlicensed cryptocurrency exchanges, including Bybit, 1000X, CoinEx, OKX, and XT.COM. This move is intended to ensure that only licensed exchanges, which comply with local regulations, remain operational in the country [1][3][4].
- Licensing Deadline: The SEC has mandated that these unlicensed exchanges secure appropriate licensing by the mentioned date. Failure to comply will result in their inability to serve Thai users [5].
- Amendments to Digital Asset Laws: Thailand has approved amendments to the emergency decrees on digital asset businesses and cybercrime prevention. The objective is to discourage foreign peer-to-peer service providers, as they are considered digital asset exchanges under Thai law [1].
Rationale Behind the Regulations
- Investor Protection: The focus is to safeguard investors by allowing only licensed and compliant exchanges to operate within the country. This helps mitigate risks associated with unregulated exchanges, such as financial losses and engagement in unlawful activities [1][5].
- Prevention of Money Laundering: The Thai government is seeking to prevent unlicensed exchanges from being used for money laundering purposes. Enforcing licensing requirements enables the government to monitor and control these platforms more efficiently [1][5].
- Regional Initiative: Thailand's actions are part of a wider trend in Southeast Asia, where nations are imposing stricter regulations to manage the burgeoning cryptocurrency industry while upholding investor protection. This strategy may inspire other countries in the region to follow suit [5].
In essence, these regulations reflect Thailand's commitment to creating a safer, more secure environment for digital asset users while striking a balance between progression and legal adherence.
Binance, being one of the unlicensed cryptocurrency exchanges, will be blocked from operating in Thailand as per the new regulations effective June 28, 2025 [1][3][4]. Bitcoins and other tokens traded on these unlicensed platforms may face uncertainty if the exchange fails to secure appropriate licensing by the mentioned date [5]. As part of the regional initiative, these strict regulations aim to protect the finance business, including cryptocurrency, from money laundering activities [1][5]. These measures also utilize technology to create a decentralized exchange (DEX) system that enhances the overall structure of the crypto-finance business in Thailand [1].
