Thailand to Restrict Access to OKX, Bybit, 1000X, and XT.com Starting June 28 Due to Licensing Issues

Thai cryptocurrency traders will face restrictions on accessing platforms like Bybit, CoinEx, OKX, 1000X, and XT.com starting from June 28, as per a notice from Thailand’s Securities and Exchange Commission (SEC).

The Thai SEC has initiated legal proceedings against these exchanges through the Economic Crime Suppression Division for breaching the Digital Asset Business Act and has urged the Ministry of Digital Affairs to block these platforms.

“Investors should quickly safeguard their holdings on these exchanges before the access restrictions are enforced,” the SEC advised.

The regulator further highlighted the necessity of utilizing licensed platforms to protect investors and to avoid inadvertently engaging in illegal activities like money laundering.

A spokesperson for OKX stated, “We are dedicated to collaborating with governmental and law enforcement entities to thwart illicit operations such as money laundering.”

The Thai government expressed its intent to restrict access to unlicensed exchanges in April 2024.