Thailand moves to block Bybit, OKX and others for unlicensed operations
Thailand's Securities and Exchange Commission announced Thursday that exchanges Bybit, 1000X, CoinEx, OKX and XT will be banned for unauthorized offering of services to local users on their online websites."This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel," the Thai regulator said in a translated statement.The country's Ministry of Digital Economy and Society will block local access to the platforms starting June 28, 2025. The Block has reached out to the exchanges for comments.In April last year, the Thai SEC announced its plans to cut off local access to unlicensed digital asset trading platforms, following a meeting with a government committee on preventing technology-related crimes.Amid actions to mitigate money laundering risks in the local crypto space, Thailand is reportedly planning to issue around $150 million worth of an investment-grade crypto token to its public in the following months. The token would allow investors to earn a higher return than they would on bank deposits, Bloomberg reported, citing Finance Minister Pichai Chunhavajira.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.