- Thai SEC files complaint against OKX and nine individuals for unlicensed operations.
- The platform has been operational since October 15, 2021, charging a 0.1% transaction fee.
- Following the complaint, OKX has not yet issued any official response to the Thai SEC.
The cryptocurrency exchange OKX is facing turbulence in Thailand. The Seychelles-based exchange was accused of operating without a proper license following which the Thai SEC filed a criminal complaint against the exchange. Notably, in Thailand, the SEC enforces the Emergency Decree on Digital Asset Business B.E. 2561, requiring all exchanges to be licensed. Apart from OKX, a criminal complaint was filed against nine other individuals.
This complaint was lodged against Aux Cayes Fintech Co. Ltd., the operator of OKX, alleging that the exchange has been running the unlicensed digital asset exchange since October 15, 2021. The platform, accessible via its Thai website, charges a 0.1% transaction fee and has actively promoted its services through various social media platforms like Telegram, Line OpenChat, etc.
In addition to OKX, nine individuals named Sarun Boonmesrisanga, Nut Joongwong, Kritsana Kritsananuwat, Smithi Charoenmin, Kittithat Benchacharoenpat, Saurawit Sanguanphokai, Akarawath Rujiruangchai, Rachata Chuesaibua, and Varut Vanichayakosol were reportedly accused of enhancing OKX’s visibility and user base through the social platforms.
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This action against OKX is an effort to broaden the regulatory framework of the Thai SEC, which was initiated in April 2024. The agency announced plans to block access to unlicensed crypto exchanges in collaboration with the Ministry of Digital Economy and Society to prevent financial crimes. For OKX, this could result in operational restrictions in Thailand and reputation damage, especially given its recent settlement with the US for unlicensed money transferring with a $504 million fine.
Following the complaint, the regulatory agency warned the public to be cautious when dealing with unlicensed digital asset operators. This was a reminder that such platforms are not covered by investor protection laws and may lead to the misuse of funds.
Thailand’s approach to cryptocurrency regulation prioritizes investor safety and market stability. Their actions follow a series of regulatory measures, such as banning crypto stalking and lending services in 2022, to safeguard traders. As the legal process unfolds, stakeholders will watch closely for OKX’s response and its impact on global operations.
