In a move that can only be described as a digital slap on the wrist, Thailand’s Securities and Exchange Commission (SEC) has decided to banish five cryptocurrency exchanges to the land of the unlicensed, effective June 28, 2025. The culprits? Bybit, OKX, 1000X, CoinEx, and XT Crypto. Yes, you heard that right—five exchanges are about to find out just how much fun it is to operate without a license in a country that takes its regulations as seriously as a cat takes a laser pointer.
Now, the SEC, in its infinite wisdom, has pointed out that these exchanges were offering their services to local users via their websites without the necessary authorization. It’s almost as if they thought they could just set up shop and sell digital magic beans without a care in the world. Spoiler alert: they can’t. 🥴
Thai Securities Regulator Takes Measures to Combat Money Laundering
In a statement that could have been delivered with a dramatic flair worthy of a soap opera, the SEC has declared that it will indeed ban these five exchanges for their unauthorized antics. They’ve even asked the Ministry of Digital Economy and Society to block local access to these platforms, because why not make it a group effort? 🎭
According to the SEC, this decision was made with the utmost concern for money laundering. In a translation that might have been done by a particularly sarcastic parrot, they said:
“This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel.”
Ah yes, because nothing says “trustworthy” like a platform that’s been accused of being a money laundering channel. The SEC has also filed charges against these exchanges under Thailand’s Economic Crime Suppression Division, which sounds like a very serious place where people wear very serious hats.
“Investors are urged to promptly secure their assets on these platforms before the impending access restrictions,” the SEC said, probably while shaking a finger.
SEC Highlights the Dangers of Unlicensed Platforms
In its grand announcement, the SEC also took a moment to highlight the importance of using licensed platforms. Because, you know, participating in illicit activities like money laundering is so last season. 🙄
Despite their love affair with digital assets, Thai regulators have been warning the public about the potential dangers of the industry for what feels like an eternity. They’ve issued more warnings than a parent at a sleepover. In April 2024, they announced plans to ban access to unregistered digital asset service providers, because who doesn’t love a good ban?
And just when you thought it couldn’t get any more exciting, a year after their initial announcement, the SEC decided to update its Digital Asset Business Law and the Emergency Decree in Measures for the Prevention and Suppression of Cybercrime Law. This was all in an effort to regulate digital asset businesses and prevent cybercrimes—because nothing says “we care” like a mountain of paperwork aimed at deterring unregulated foreign crypto services.
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2025-05-30 21:09