Starting June 28, Thailand will begin blocking access to five foreign crypto exchanges, including OKX, CoinEx, and Bybit. The measure was announced by the Thai Securities and Exchange Commission (Thai SEC) and is aimed at restricting the operations of unlicensed platforms in the country.
Regulator’s Decision
According to the agency’s statement, the ban is related to violations of local law. The exchanges, which also include 1000X and XT, were providing services to Thai users without obtaining the required authorization.
The Thai SEC stated that the move is intended to protect investors and prevent the use of crypto services for money laundering. The access restrictions will be enforced by Thailand’s Ministry of Digital Economy and Society starting in late June.
OKX’s Response
OKX stated that it is aware of the regulator’s decision and is prepared to cooperate with the authorities. A company representative noted that the exchange adheres to high compliance standards, supports secure and transparent trading, and works with law enforcement to combat illegal activity, including money laundering.
Context
As early as April 2024, the Thai SEC announced plans to restrict access to foreign crypto exchanges operating without a license. The decision followed the formation of a government committee focused on combating digital crime.
In parallel with the new restrictions, the country is also preparing to issue an investment-grade crypto token worth approximately $150 million. According to Bloomberg, the token will offer investors yields higher than those available from bank deposits. This was confirmed by Finance Minister Pichai Chunhavajira.
Crypto Payments for Tourists
Earlier, on May 26, Thailand’s Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced plans to implement a mechanism allowing tourists to pay with cryptocurrency via linked cards. Crypto assets will be automatically converted into baht at the time of payment, with vendors receiving only fiat currency. The initiative is currently under review by the Ministry of Finance and the Bank of Thailand.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.