Thailand Bans 5 Major Crypto Exchanges: Bybit, OKX and Other Platforms
Ban Decision From June 2025
Thailand’s Securities and Exchange Commission (SEC) has announced a comprehensive ban on 5 major cryptocurrency exchanges, effective from June 28, 2025:
- Bybit – One of the world’s largest derivatives exchanges
- OKX – Major global crypto trading platform
- CoinEx – Popular spot and derivatives trading platform
- 1000X – Cryptocurrency exchange
- XT – Digital asset exchange
Reasons for the Ban
Unlicensed Operations The main reason cited is that these exchanges provide digital asset trading services to local users without proper licensing from Thai financial authorities.
Anti-Money Laundering Thailand’s SEC emphasized the ban aims to “prevent money laundering” and “protect investors, stopping the use of unauthorized digital asset trading platforms as money laundering channels.”
Thailand’s Crypto Management Strategy
Despite implementing strict restrictions, Thailand continues exploring blockchain innovation. Reports show the country plans to issue approximately $150 million worth of crypto tokens for public investment in the coming months.
According to Finance Minister Pichai Chunhavajira, these government-backed tokens will offer higher returns compared to traditional bank deposits.
Thailand blocks unlicensed crypto exchanges Source: Cointelegraph
Impact on Thai Traders
Thai crypto traders using the banned exchanges need to:
- Withdraw funds before the June 28, 2025 deadline
- Switch to licensed exchanges operating legally in Thailand
- Research alternative trading platforms complying with local regulations
Global Regulatory Trends
Thailand’s action reflects a broader global trend where regulators are requiring appropriate licensing for cryptocurrency exchanges, implementing stricter anti-money laundering protocols, and balancing innovation support with consumer protection.
