Thailand's SEC seeks to prevent money laundering through illegal crypto exchanges 

The Thailand SEC warned of blocking Bybit, 1000X, CoinEx, OKX, and XT.COM platforms on June 28 to protect investors and prevent illegal platforms from being a channel for money laundering by fraudsters. 

The Thailand regulator filed charges with the Economic Crime Suppression Division (ECD) for further legal action against the five platforms. The crypto platforms are allegedly engaging in digital asset business without permission under the Digital Asset Business Act B.E. 2561 (Digital Asset Act). 

Thailand’s SEC seeks to prevent money laundering through illegal crypto exchanges 

🚨NEW: Thailand’s SEC is cracking down on unlicensed crypto platforms.

In a notice today, the regulator said it will block access to @Bybit_Official, @OKX, @coinexcom, @1000X_Official, and @XTexchange on June 28 for operating without a license.

Legal action is also being… pic.twitter.com/DhNUyeoP2F

— Kyle Chassé / DD🐸 (@kyle_chasse) May 30, 2025

The SEC submitted the platforms’ information to the Ministry of Digital Affairs, in line with the intention of the Royal Decree on Measures to Prevent and Suppress Technology-Related Crimes (No. 2) B.E. 2568. The regulator sought to protect investors and prevent the use of unauthorized digital asset trading platforms as a means of money laundering by criminals. 

Thailand’s regulatory agency warned investors using the pinpointed platforms to consider taking action regarding their assets on the platform before the platform’s closure date. At the same time, the regulator cautioned the public and investors to be careful when using services from unlicensed digital asset business operators, as they would not be protected by law. Both were at risk of being scammed by offenders who either wanted to steal their digital assets or get help with moving funds illegally.

However, OKX spokesperson told Cryptopolitan that the company was aware of the recent announcement by the Thailand SEC regarding restricted access to certain digital asset platforms, including OKX, and they reaffirmed that the exchange was strongly committed to maintaining standards of regulatory compliance and to supporting a safe, transparent, and responsible trading environment.

“We respect the legal frameworks of applicable jurisdictions and work proactively with regulators around the world. As a firm, we are fully committed to engaging with governments and law enforcement agencies to prevent illicit activities such as money laundering.”

-OKX Spokesperson 

Thailand’s SEC directed investors to check and confirm the list of licensed business operators at the regulator’s official website and the SEC Check First application. Investors can also check the list of individuals who are not SEC-supervised business operators through the Investor Alert platform. 

Individuals with any clues about suspicious activities were asked to report to the Complaint and Whistleblowing Center by calling 1207 or via the SEC’s Facebook page. Whistleblowers can also use the Live Chat module on the agency’s website for further in-depth investigation.

SEC files criminal complaint against OKX and nine individual supporters

Thailand’s SEC previously filed a criminal complaint with the Economic Crime Suppression Division (ECD) against Aux Cayes FinTech Co. Ltd., the parent company behind the crypto exchange platform OKX, and nine individual supporters who promoted unlicensed services through different social media channels. The defendants were allegedly in violation of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).

Evidence-based on a referral and the SEC’s further investigation found that on 15th October 2021, OKX provided services for a digital asset trading system, facilitating the trading and exchange of digital assets while charging a fee of 0.1% of the trading value. Additionally, OKX solicited and promoted its services through its website and various social media channels, including Telegram under the account name “OKX TH,” Twitter (now X) through the handle “OKX Thai Community,” and Line OpenChat under the name “Thai Community.” 

The OKX activities were liable to be an operation of digital asset exchange business under Section 3 of the Emergency Decree, for which OKX had not obtained a license, in violation of Section 26, and subject to offenses and penalties under Section 66 of the Emergency Decree. 

OKX also received assistance and support in promoting its services and sales promotion activities from nine individuals, including Mr. Sarun Boonmesrisanga, Mr. Nut Joongwong, Mr. Kritsana Kritsananuwat, Mr. Smithi Charoenmin, Mr. Kittithat Benchacharoenpat, Mr. Saurawit Sanguanphokai, Mr. Akarawath Rujiruangchai, Mr. Rachata Chuesaibua, and Mr. Varut Vanichayakosol.

The conduct of these nine individuals constituted assisting or facilitating OKX in operating a crypto exchange without a license, in violation of Section 26 of the Emergency Decree. The offenses were subject to penalties under Section 66 of the Emergency Decree in conjunction with Section 86 of the Criminal Code.

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