Thailand SEC Bans Bybit, OKX, and Three Other Crypto Exchanges for Unlicensed Operations, Urges Traders to Withdraw Funds by June 2025
Thailand’s Securities and Exchange Commission (SEC) has ordered a ban on five major cryptocurrency exchanges—Bybit, OKX, CoinEx, 1000X, and XT.com—effective June 28, 2025, citing operations without required licenses in violation of the 2018 Emergency Decree on Digital Asset Businesses. This move follows regulatory investigations and is part of a broader effort to enhance investor protection, curb unregulated crypto activities, and address money laundering risks. The Ministry of Digital Economy and Society will apply technological measures to block access to these platforms for Thai users. Affected traders are strongly urged to withdraw their assets before the enforcement date to avoid potential losses. Bybit and OKX have publicly stated their intent to cooperate with regulators and seek compliance, but are set to halt operations in Thailand unless licensed. Only officially licensed exchanges will be permitted post-ban, and violators risk heavy fines and legal action. This crackdown aligns with a global trend toward tighter crypto oversight and may reduce market liquidity and trading options for Thai investors, marking a significant shift in Thailand’s crypto regulatory landscape.
Bearish
The immediate ban on five major crypto exchanges in Thailand, including Bybit and OKX, significantly restricts access to crypto trading for local users starting June 28, 2025. Such regulatory actions typically reduce market liquidity and disrupt trading activities in the affected region, as traders need to withdraw funds and find alternative licensed platforms. The uncertainty surrounding unlicensed platforms and the heightened risk of legal penalties contribute to potential outflows and negative sentiment. While compliance efforts by some exchanges may lead to eventual re-entry, the short- to medium-term impact is negative for trading volumes and could pressure the prices and user bases of these exchanges’ native tokens or associated cryptocurrencies. Historically, similar crackdowns have resulted in temporary price dips and reduced activity in the targeted markets.