Thailand’s Securities Regulator to Block Bybit, OKX and Others for Unlicensed Operations

TL;DR

• Thailand is set to block Bybit and a few other exchanges for operating without a license.

• The country’s securities regulator is making this move to combat money laundering.

Bybit, Others Face the Axe in Thailand

Thailand's Securities and Exchange Commission announced Thursday that Bybit, 1000X, Coinex, OKX, and XT crypto exchanges will be banned locally from June 28. This latest development comes as the regulator alleged that the exchanges are guilty of offering services to local users on their online websites without a license. 

In a statement on Thursday, the regulator said,

"This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel." 

Thailand’s Ministry of Digital Economy and Society will block local access to the platforms starting June 28, 2025. This latest development comes a year after the Thai SEC announced its intentions to block access to unlicensed digital asset trading platforms, following a meeting with a government committee on preventing technology-related crimes.

The country’s regulator is making moves to combat money laundering in the local cryptocurrency space. Thailand is reportedly planning to issue roughly $150 million worth of an investment-grade crypto token to the public in the coming months.

According to the Finance Minister Pichai Chunhavajira, the token would offer a higher return compared to bank deposits. 

Earlier this week, Thailand introduced a pilot program allowing tourists to use cryptocurrency via credit cards, while planning comprehensive financial regulatory reforms.