Thailand’s financial regulators have taken a big step to stop illegal money activities. Starting June 28th, five major cryptocurrency exchanges will be blocked from operating in the country. These platforms are OKX, Bybit, Coinex, 1000X, and XT.
The action comes from Thailand’s Securities and Exchange Commission (SEC). They say the ban is part of a plan to protect local users and prevent money laundering through unlicensed crypto exchanges. The country’s Ministry of Digital Economy will carry out the access blocks by the end of June.
According to the SEC, these five platforms do not have the proper licenses to operate legally in Thailand. Without that legal status, they pose risks to investors and could be misused for shady financial activities.
This crackdown has been in the works for a while. Over a year ago, the SEC had already warned that it would start going after digital trading platforms that were not officially approved.
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Crypto Crackdown to Stop Illegal Activities
Money laundering means hiding money earned through crime by moving it around to make it look legal. Because cryptocurrency transactions can sometimes be harder to track, it can attract criminals who want to hide stolen or illegal money.
To fight this, Thailand has now banned five specific platforms: OKX, Bybit, Coinex, 1000X, and XT. These companies are popular in the crypto world, but the SEC believes they haven’t followed local laws. By cutting off access to these exchanges, the government hopes to stop bad actors from using them to move illegal funds.
While this is a major hit to those platforms, one of them—OKX—has responded publicly. The exchange said it respects all laws and is fully committed to working with governments around the world. OKX also stated it wants to help stop illegal activities like money laundering and provide a safe and fair trading experience.
The SEC’s goal is to ensure that anyone offering crypto services in Thailand has proper approval. They believe this helps build a safer market, especially for everyday users who might not know which platforms are trustworthy.
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Thailand Still Open to Crypto Innovation
Although the ban may look like a major blow to the country’s crypto scene, Thailand is still showing interest in new digital ideas. Just days before the announcement, Thai officials revealed plans to allow tourists to spend cryptocurrency at local shops.
The plan would let travelers use a crypto-loaded debit card to pay while visiting. The shop owners would receive payment in Thai baht, the country’s normal currency, while tourists could spend digital coins like Bitcoin or Ethereum from their wallets.
This shows that Thailand isn’t against crypto entirely—it just wants it to be done legally and safely. The government wants to cut out illegal parts like money laundering but still allow room for modern technology and useful tools.
Thailand is also working on other financial updates. One major idea is to let everyday people invest in government bonds using digital tokens. Officials are planning to issue around $150 million USD worth of tokenised bonds for retail investors. This would be a big step in making government investment more accessible through digital platforms.
So while OKX, Bybit, Coinex, 1000X, and XT are getting shut out, the country is still moving forward in other ways. The crypto industry in Thailand is changing, but not disappearing—it’s just taking a new path with stricter rules.
