Thailand’s Ministry of Digital Economy and Society (MDES) will block access to five major cryptocurrency exchanges — Bybit, OKX, CoinEx, 1000X, and XT.COM — effective June 28, 2025. The platforms were found to be operating without a local license and violating anti-money laundering laws. Investors are advised to withdraw their assets before the deadline to avoid potential risks.
Why Are These Exchanges Being Blocked?
Thailand’s Securities and Exchange Commission (SEC) filed complaints with MDES after discovering that the listed exchanges served Thai users without proper authorization under the Digital Asset Business Act B.E. 2561 (2018).
MDES will proceed with geo-blocking under the Royal Decree on Cybercrime Prevention, which came into effect on April 13, 2025. The law empowers authorities to restrict access to digital platforms engaged in unlawful activities.
What Are the Risks to Users?
The SEC emphasized that users who continue using these platforms will not be protected under Thai law.
This means no legal recourse in case of:
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Fraud
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Platform insolvency
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Money laundering exposure
Investors are strongly urged to transfer funds to licensed platforms before June 28.
Regulatory Context
The move is part of Thailand’s broader effort to tighten oversight of the crypto sector and align it with international compliance standards.
Earlier this year, the government introduced:
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Tougher rules for foreign exchanges
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Enhanced KYC and AML checks
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Monitoring of P2P services
These reforms follow April’s amendments to the Digital Asset Act and the rollout of the country’s new cybersecurity framework.
How Exchanges Are Responding
A Bybit spokesperson stated the company is committed to transparency and is engaging with Thai regulators to resolve the issue.
OKX has yet to release an official comment.
Crypto Market in Thailand: Mixed Signals
Despite the crackdown, Thailand remains actively involved in digital finance innovation:
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The government plans to launch G-Token, a state-backed investment token worth $150 million.
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Regulated use of USDT and USDC for trading and payments was approved in March 2025.
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Crypto payment integration for tourists is being considered via debit and credit card-linked apps.
Conclusion
Thailand’s decision to block unlicensed crypto exchanges highlights its focus on investor protection and regulatory clarity.
For users in Thailand, this is a critical time to verify the licensing status of any platform and move assets to compliant exchanges.