Thai SEC files complaint against OKX for alleged regulatory violations

The Thai Securities and Exchange Commission has filed a complaint against OKX for operating without a license and other infractions.

The Thai SEC has filed a complaint against OKX crypto exchange, citing multiple violations of Thailand’s digital asset regulations, as originally reported by Finance Feeds. According to the SEC, OKX has been offering trading services in Thailand without the necessary license under the Digital Asset Business Act B.E. 2561 (2018). The SEC also alleged that the exchange hasn’t put adequate Know Your Customer and Anti-Money Laundering protocols, posing potential risks to Thai traders. Another issue raised by the SEC was that OKX has allegedly failed to comply with the country’s reporting requirements, preventing the Thai authorities to maintain proper regulatory oversight of its operations.

The move against OKX is part of the Thai SEC’s crackdown on crypto exchanges that operate without authorization in the country. In July 2021, the Thai SEC filed a criminal complaint against Binance for operating without the necessary license. Following these actions, Binance collaborated with Gulf Energy Development to establish a regulated exchange in Thailand through a joint venture. In December 2023, the SEC also filed a complaint against Bybit for operating a digital asset trading platform without proper authorization.

Following a meeting of the Technology Crime Prevention and Suppression Committee in April 2024, the Thai SEC announced plans to block access to unauthorized platforms across the country, granting users a grace period to withdraw their funds before restrictions take effect.

As the SEC has only filed a complaint against OKX and has not yet determined any wrongdoing, if OKX is ultimately found in violation, it will face legal penalties, and Thai users will not be able to access the platform.