Thailand to Block and Sue Bybit, OKX, and Three Other Crypto platforms

Thailand’s Securities and Exchange Commission (SEC) issued a warning on June 28, 2025, about blocking five cryptocurrency exchanges, including Bybit, OKX, 1000X, CoinEx, and XT.COM. 

The agency revealed that it has filed a lawsuit with the Economic Crime Suppression Division (ECD) for engaging in crypto services without permission, in violation of the Digital Asset Business Act B.E. 2561, to initiate legal action. This breaches Thai laws mandating registration and regulatory approval for digital asset service providers.

SEC Submits Data of Affected Platforms 

To protect investors, the SEC disclosed it had submitted these platform’s data to the Ministry of Digital Affairs. In response, the Ministry will restrict public access to the services. 

Notably, the regulator’s primary objective is to protect investors and prevent them from unauthorized crypto platforms that are used for money laundering and other illicit activities by fraudsters.  

According to the securities watchdog, the agency warned investors using these platforms to take appropriate measures concerning their assets before the shutdown date hits.

SEC Cautions the Public 

The SEC also cautioned the public and investors to exercise vigilance when engaging with unlicensed digital asset service providers, as such entities operate outside legal protections and pose a heightened risk of fraud.

Furthermore, the regulators added that there are risks of it being a money channel for individuals who want to launder funds. The SEC emphasized that anyone can report any suspicious activity.

Thailand’s crackdown is part of a growing regional and global trend of enforcing regulatory compliance in the digital asset sector. 

Despite notable progress in blockchain integration, Thai regulatory authorities maintain that strict compliance with national licensing frameworks is imperative and non-negotiable. As of the time of writing, no official response has been issued by the affected platforms regarding the SEC’s announcement.

Not the First

Meanwhile, this is not the first time the SEC has filed a lawsuit against crypto platforms for offering crypto services to the public. Over the years, the agency has initiated legal battles against platforms such as Ripple and the world’s largest crypto exchange, Binance. 

In most cases, these lawsuits affect investors’ confidence in the platform and also raise questions about the security and transparency of the exchange. Meanwhile, on March 13, 2025, the legal battle between the SEC and Ripple ended with both parties reaching an agreement.

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