Thailand to Block Access to Bybit, OKX and Other Unlicensed Crypto Exchanges

Thailand’s Securities and Exchange Commission (SEC) is cracking down on unlicensed crypto exchanges to protect investors and prevent illicit activity. Starting June 28, Thai users will be blocked from accessing Bybit, CoinEx, OKX, 1000X, and XT.com.

According to the SEC, these platforms have failed to comply with the country’s Digital Asset Business Act, which requires firms to be licensed to operate. The commission stated that these exchanges may pose serious risks, including being used for fraud or money laundering.

The SEC has filed legal action against the platforms with the Economic Crime Suppression Division and requested the Ministry of Digital Affairs to completely block their websites in Thailand.

Bybit’s recent $1.5 billion Ethereum hack further fueled the concerns. The breach highlighted the dangers of trading on unregulated platforms, reinforcing the SEC’s push for stricter compliance.

Meanwhile, OKX has expressed willingness to cooperate with regulators. The SEC has urged Thai crypto users to withdraw their assets from the affected platforms as soon as possible before the restrictions take effect.