Thailand's regulator has come down heavy on five of the nation's biggest cryptocurrency exchanges: OKX, Bybit, CoinEx, 1000X, and XT.COM and ordered them to pack up shop by June 28, 2025.
The move, justified as part of a crackdown on illicit business and money laundering, is already sending shockwaves through the region's crypto community.
The Thai SEC cited the platforms as being in operation in Thailand without local licenses under the Royal Decree on Digital Asset Businesses. Official complaints were lodged with the Ministry of Digital Economy and Society (MDES), which can now block access under new anti-cybercrime laws implemented in April. The SEC warning to investors was blunt: transfer your assets before closure or risk losing legal protection.
“🚨NEW: Thailand’s SEC is cracking down on unlicensed crypto platforms. In a notice today, the regulator said it will block access to @Bybit_Official, @OKX, @coinexcom, @1000X_Official, and @XTexchange on June 28 for operating without a license.”
— @kyle_chasse, May 30, 2025
Mapping the Exodus: Capital Flight in Real Time
On-chain data already showed a spike in withdrawals by wallets of Thai origin that are linked to the hacked exchanges. Nansen and Arkham Intelligence statistics have shown that, within 48 hours of the SEC reveal, over $120 million worth of BTC, ETH, and USDT were taken out of OKX and Bybit wallets labeled with Thai user accounts. The capital flight serves as a reminder of the need for traders to hedge their assets before the blackout date.
The SEC action follows a string of amendments to Thailand's cybercrime and digital asset law that give regulators greater authority to close down illegal sites and also pursue offshore sellers offering to Thai customers. Exchanges need to register, with a Thai entity, pass rigorous capital tests (50M THB, or approximately $1.4M USD), and meet domestic AML/KYC standards to be legal.
Legal Loopholes and the MiCAR Issue
Local lawyers call Southeast Asia's fragmented licensing system ripe for change. "Thailand takes a hard line, but a lack of regional harmonization has capital and users simply move across the border to the next easy-going jurisdiction," says crypto attorney Somchai Phanich. "MiCAR in the EU is becoming the template because it weighs innovation against robust consumer protection and integrity of market."
“Thailand’s ban on OKX, Bybit, etc. is a wake-up call for Southeast Asia. MiCAR-style rules could bring much-needed clarity and stability.”
— @RegAsiaLaw, May 30, 2025
What's Next for Thai Crypto Users and the Region?
For the time being, Thai investors are rushing to withdraw capital and seek compliant platforms. The SEC has encouraged the public to verify its official list of approved exchanges and cautioned that assets on non-approved platforms are not insured under Thai law.
As Southeast Asian regulators watch the situation unfold, if legal uncertainty and capital flight persist, the region will see pressure building for single, MiCAR-style regulations to preclude regulatory arbitrage and restore investor confidence.
Key Takeaways
Thailand's move to ban OKX, Bybit, and three others marks a new era of regulatory seriousness in Southeast Asia.
As capital flees and lawsuits escalate, the region is at a crossroads: keep playing regulatory whack-a-mole, or implement a concerted, MiCAR-type response to the next phase of crypto growth.
Stay tuned — Southeast Asia's crypto destiny is being rewritten in real time.
