Thailand SEC to Ban Bybit, OKX, Others From June

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Crypto Chaos: Thailand’s SEC Declares War on Unlicensed Exchanges! 🚫💰

  • The Thai SEC will block Bybit and other exchanges from operating on June 28, 2025.
  • Unlicensed crypto Exchange targeted for non-compliance with Thai laws.

Ah, the Thai Securities and Exchange Commission, the valiant knight in shining armor, has decided to unsheathe its sword against the notorious crypto villains! CoinEx and its merry band of misfits—Bybit, OKX, 1000X, and XT.com—are set to be banished from the kingdom come June 28, 2025. Why, you ask? Because they dared to operate without the sacred licenses, flouting the Emergency Decree on Digital Asset Businesses from 2018. The SEC, in its infinite wisdom, is here to protect the innocent investors from the dark forces of financial chaos!

On May 29, 2025, the SEC waved its magic wand and issued a ban, claiming these platforms were serving unauthorized potions to the unsuspecting Thai users. The Ministry of Digital Economy and Society is gearing up to cast a technological spell to prevent users from engaging in these treacherous trades. Investors, heed this warning: withdraw your gold before the deadline, or risk losing it all! 🏃‍♂️💨

Legal Actions and Money Laundering Concerns

Our gallant SEC is on a mission to thwart unlicensed crypto exchanges from becoming the new hideouts for money laundering. These platforms, it seems, are not just a threat to the financial system but also to the safety of investors. Reports suggest that Bybit, OKX, and their band of merry miscreants were operating without the necessary permits, breaking the sacred laws of Thailand’s digital asset realm.

In a twist of fate, it was revealed that OKX and nine other individuals were allegedly involved in illegal trading since 2021. The SEC pointed out that while OKX had a trading fee rate of 0.1%, akin to the licensed platforms, it had the audacity not to register with the agency. Oh, the irony! 😂

Industry Responses and Compliance Efforts

In a dramatic turn of events, Bybit has pledged to follow the SEC’s rules and is engaging in dialogues with Thai authorities to clarify its position. Meanwhile, OKX is also singing a similar tune, promising to provide safe and transparent trading for its loyal customers. How noble! 🎩

Both exchanges are feeling the heat from the regulatory changes sweeping across the globe. In April 2025, the MFIA Unit slapped OKX with a hefty fine of $1.2 million for failing to meet anti-money laundering standards in 2023. Bybit, on the other hand, may have a license from Austria’s Financial Market Authority, but its operations in Thailand remain as welcome as a mosquito at a picnic.

In 2024, the government declared war on all illegal exchanges to maintain a tighter grip on the financial system. After the ban takes effect, being licensed will be the golden ticket for crypto platforms. 🎟️

The SEC has advised investors to ensure that their crypto platforms are licensed before making any trades. Anyone with assets on Bybit, OKX, CoinEx, 1000X, and XT.com has until June 28, 2025, to transfer them to avoid a financial disaster. The regulator warns consumers to steer clear of unregulated exchanges, lest they find themselves in a world of trouble!

According to the laws of Thailand, any company dabbling in digital assets must register with the SEC. Those who dare to defy these regulations can expect to face hefty fines and lawsuits. The government is on a mission to keep crypto trading safe and sound, putting an end to any unlawful shenanigans!

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2025-05-31 08:49