OKX, Bybit Suspended by Thai SEC, MDES Until June 2025

The Thai Securities and Exchange Commission will shut down OKX, Bybit, and others by June 28, 2025, restricting digital asset trading platforms operating without authorization.

This shutdown underscores regulatory efforts in Thailand to combat unauthorized digital trading and money laundering, affecting major cryptocurrencies and investor activities.

Thai SEC Targets Unlicensed Crypto Exchanges for Shutdown

The Thai SEC and MDES have targeted unlicensed exchanges, leading to the upcoming shutdown of companies like OKX and Bybit. These exchanges were operating in Thailand without proper licensing.

The action, scheduled for June 28, 2025, will affect all major exchanges, including CoinEx and XT.COM. Digital asset exchanges must now comply with stricter regulations.

All Trading Pairs in Thailand Face Service Disruption

The decision impacts all trading pairs, including BTC, ETH, and stablecoins, necessitating the withdrawal of funds by Thai users. The financial market in Thailand might experience temporary volatility.

The move aligns with prior global exchanges bans, potentially leading to diminished regional market activity. Industries tied to digital transactions must realign strategies amid tightening regulations.

Global Precedence: Similar Bans Reflect Worldwide Trends

Historically, similar bans have led to enforced withdrawals and lower trading volumes, echoing prior SEC warnings. The Thai SEC’s regulatory measures are part of a broader trend seen in the US and UK.

Potential outcomes include increased regulatory scrutiny and further compliance measures by other exchanges. Market behavior may shift based on user withdrawals and adaptability to new laws.

OKX Spokesperson, Official Representative, OKX, “We want to reaffirm that OKX is strongly committed to maintaining the highest standards of regulatory compliance and to fostering a safe, transparent, and responsible trading environment.” : source