Crypto Chaos: Thailand’s SEC Shuts Down 5 Exchanges! 🚫💸

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Oh, Thailand! The land of smiles and now, apparently, the land of crypto chaos! The Securities and Exchange Commission (SEC) has decided to play the role of the strict parent, announcing plans to block access to five major cryptocurrency exchanges—Bybit, 1000X, CoinEx, OKX, and XT.COM—effective June 28, 2025. Why? Because they were operating without licenses, of course! 🙄

In a move that’s as surprising as finding a beach in Thailand, the SEC is cracking down on these digital mischief-makers as part of a grand plan to curb money laundering and protect investors. It’s like a superhero movie, but with fewer capes and more regulations!

Thailand’s Crypto Crackdown: The Plot Thickens!

The SEC has declared that these exchanges have been offering their services to Thai users without a care in the world for the Digital Asset Business Act B.E. 2561 (2018). They’ve even filed charges against these platforms with the Economic Crime Suppression Division (ECD). Talk about a plot twist!

“This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel,” the SEC stated, probably while wearing a superhero cape. 🦸‍♂️

Starting June 28, 2025, the Ministry of Digital Economy and Society (MDES) will implement technical measures to restrict local access to these exchanges. So, if you’re thinking of withdrawing your assets, you might want to do it before the deadline—unless you enjoy living on the edge! 😅

“The SEC warns the public and investors to be cautious when using services from unauthorized digital asset operators as they will not be legally protected and may be at risk of fraud (scams). There is also a risk that these platforms could be used for money laundering,” the SEC added, sounding like your overly cautious friend who always brings a life jacket to the beach.

This decision follows a meeting in April 2024, where Thailand’s Committee for the Prevention and Suppression of Technological Crime and the MDES decided to restrict access to unauthorized digital asset service providers. Because who needs criminals running rampant in paradise, right?

In April 2025, the government enacted the Royal Decree on Measures to Prevent and Suppress Technology-related Crime, giving the MDES the power to shut down unlicensed digital services. It’s like giving a kid a shiny new toy, but with a lot more paperwork!

The SEC’s recent initiative shows they’re serious about compliance, following previous actions. Earlier this year, the Technology Crime Suppression Division (TCSD) even proposed blocking Polymarket. It’s like a game of whack-a-mole, but with crypto exchanges!

Interestingly, Thailand is one of the world’s largest crypto markets. According to Ledger data, one in five Thai citizens owns crypto. The government is trying to embrace digital assets while promoting responsible innovation. It’s like trying to have your cake and eat it too! 🎂

Last year, they even lifted the value-added tax (VAT) on domestic crypto asset trading. And the efforts to create a favorable crypto environment are still going strong. According to local media reports, Thailand is exploring an initiative that would allow tourists to use digital assets for domestic spending via credit cards. Because who wouldn’t want to pay for their Pad Thai with Bitcoin? 🍜💳

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2025-05-30 13:10