Thai SEC will block access to Bybit, OKX, and other unlicensed exchanges by June 28

The Thailand SEC will block access to five cryptocurrency exchanges, including Bybit, OKX, and CoinEx. The platforms have been accused of offering services in the region without a license.

According to an official notice issued by the financial watchdog, the decision to block unlicensed crypto exchanges is part of the Thai government’s efforts to protect local retail investors and prevent crypto trading platforms from being used for money laundering.

The Thailand Securities and Exchange Commission declared that it will block five major cryptocurrency exchanges for allegedly operating without a license.

Legal action has been initiated by the agency alongside the Economic Crime Suppression Division. Starting from June 28, Thai citizens will not be able to access Bybit, 1000X, CoinEx, OKX and XT.COM.

In the past few months, the Thai SEC have faced increasing pressure to tighten regulations on crypto exchanges due to money laundering concerns. As a result, the Thai government passed the Royal Decree on the Prevention and Suppression of Technological Crime, which came into effect on April 13, as a way to crackdown on illegal platforms operating in the country.

Under the new regulations, Thai authorities are granted more jurisdiction to block websites and apps offering services to Thai users, specifically foreign crypto exchanges that target local investors, like Bybit and OKX (OKB).

Not only that, the new laws also introduce stricter punishment for individuals involved with mule accounts. Entities found guilty of opening or letting others borrow their digital asset accounts for cybercrime can face up to three years in prison or a fine of up to 300,000 baht (around $9,163).

Earlier this month, the Thai Finance Ministry announced plans to issue around $150 million worth of investment-grade crypto tokens to its public in the following months. Dubbed the G-Token, the digital investment token will reportedly be offered under Thailand’s budget borrowing plan and is designed with the aim of raising funds directly from the public.