- Thailand’s SEC moves to close Bybit and other unlicensed cryptocurrency exchanges by June 28.
- New laws let authorities quickly block cryptocurrency exchanges that break the rules.
- G-Token offers legal digital asset options, separating it from risky cryptocurrencies.
The Thailand Securities and Exchange Commission (SEC) announced it will block access to five major cryptocurrency exchanges on June 28. Bybit, 1000X, CoinEx, OKX, and XT.COM operate without licenses, according to the regulator. The SEC has filed charges with the Economic Crime Suppression Division (ECD) for violating the Digital Asset Business Act B.E. 2561.
Enforcement Targets Unlicensed Platforms Operating in Thailand
The Thai SEC discovered that all five exchanges offered trading services to Thai users without official approval. Consequently, the Economic Crime Suppression Division was contacted to commence legal action. The regulator explained that this enforcement is designed to protect investors and stop unauthorized digital asset platforms from being exploited for illicit activities.
This move follows months of increasing regulatory pressure on crypto exchanges operating outside Thailand’s legal framework. In April, the government enacted new anti-cybercrime laws in response to rising concerns about unregulated platforms. The Ministry of Digital Economy and Society now has the authority under the Royal Decree on the Prevention and Suppression of Technological Crime to swiftly block dubious websites targeting Thai users.
Since the decree’s implementation, enforcement has intensified against unauthorized cryptocurrency exchanges. The SEC initially warned these platforms in April 2024, following consultation with a government group focused on combating technology-driven crime. The regulator allowed time for the exchanges to either seek licenses or cease operations.
However, the five targeted exchanges apparently chose not to comply with regulatory requirements. As a result, the SEC decided to restrict local access to their platforms starting June 28.
Related: Tether Gold XAU₮ Now Available on Maxbit Thailand Exchange
Thailand Embraces Tokenized Bonds Through G-Token Initiative
The SEC’s crackdown is part of a wider initiative to purify Thailand’s cryptocurrency market. In May, the Ministry of Finance introduced G-Token, a blockchain-based investment token. This token allows ordinary citizens to buy government bonds, marking Thailand’s first tokenized public fundraising. The government issued $150 million worth of G-Tokens through an authorized initial coin offering gateway.
The Finance Ministry is to act as the registrar of the G-Tokens, as confirmed by SEC Deputy Secretary-General Jomkwan Kongsakul. It is emphasized that the G-Tokens cannot be considered a method of payment. The purpose is to separate regulated digital assets from the likes of highly volatile cryptocurrencies such as Bitcoin.
