- The Thailand SEC announced it is going to block Bybit, OKX, XT.COM, CoinEX, and 1000X from operating in the country starting from June 28
- The regulator found these exchanges are operating in the country without permission
As more governments are focusing on crypto regulation, scrutiny over existing crypto firms is also increasing. The Thailand SEC has decided to block multiple exchanges from operating in the country for violating its laws. Among them, Bybit and OKX are the top exchanges, the former being the second-largest crypto exchange platform in the world.
The Thailand SEC made the announcement earlier today and is planning to ban 5 crypto exchanges: Bybit, OKX, CoinEx, XT.COM, and 1000X. It accused these exchange platforms of operating without permission from the local regulators. The SEC filed charges with the Economic Crime Suspension Division (ECD) for operating without a license under the Digital Asset Business Act.
The Royal Decree on Measures to Prevent and Suppress Technology-Related Crimes came into effect in the Land of Smiles this year on 13 April. Thus, the SEC has reported this information in compliance with the Royal Decree to the Ministry of Digital Affairs. The report reads,
“The SEC would like to warn investors using the said platform to consider taking action regarding their assets on the platform before the platform’s closure date.”
The regulator is keen on preventing users from using unlicensed digital asset trading platforms. This is because there is a high chance of using unauthorized platforms as a means of money laundering by fraudsters.
Thailand to Block Bybit Despite Being the Largest Crypto Exchange
Not long ago, Bybit celebrated obtaining a MiCAR license from the Austrian Financial Market Authority. It is going to offer its products and services to over 29 EEA countries. Meanwhile, Thailand is blocking the exchange from offering its services to local users.
Bybit halted its operations in India earlier this year for not being compliant with the country’s laws. Now, it is registered with the Indian Financial Intelligence Unit (FIU) after facing a monetary penalty of over $1 million. This incident reflects Bybit’s commitment to being fully compliant with the fast-changing regulatory policies across global countries.
Bybit has expressed its keen interest in expanding its services globally with full compliance multiple times in the media. This suggests that the exchange will resolve the issues with the Thailand SEC and focus on operating in the country with a secured license.
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