Thailand to Block Access to Unlicensed Crypto Platforms Starting June 28

Thailand’s Securities and Exchange Commission (SEC) has confirmed it will block local access to several unlicensed digital asset trading platforms beginning June 28, 2025. The decision follows ongoing investigations into platforms allegedly operating without regulatory approval.

Those affected include Bybit, 1000X, CoinEx, OKX, and XT.COM. The move comes under the revised Royal Decree on Technology Crime Prevention and Control (Version 2), issued in 2025, and signals further tightening of digital asset oversight in the country.

According to the SEC, the targeted platforms are suspected of violating the Royal Decree on Digital Asset Business B.E. 2561 (2018). However, the cases have been transferred to the Economic Crime Suppression Bureau for further legal action.

This action is intended to address the use of unlicensed platforms for alleged money laundering activities and shield investors from exposure to unregulated operators. The SEC said it submitted the platforms’ names to the Ministry of Digital Affairs, aligning with the enforcement mechanisms outlined in the updated decree on technology-related crimes.

Following this, the regulator has urged local investors who currently hold assets on the affected platforms to consider securing those assets before the June 28 cutoff date. The SEC also warned the public that trading with unlicensed platforms carries high risks, including exposure to scams and lack of legal protection.

G-Token Restrictions Reflect Broader Regulatory Strategy

The move to block unauthorized exchanges coincides with Thailand’s policy approach to digital asset regulation. As part of this strategy, the SEC has also imposed strict trading rules on the upcoming government-issued digital asset, known as the G-Token. Developed by the Public Debt Management Office, the G-Token is intended to serve as a digital alternative to government bonds.

The token, which will launch via an approved initial coin offering (ICO) portal in July 2025, will be tradable only on licensed digital asset exchanges. However, it cannot be used for payments or speculative trading. SEC Secretary General Pornanong Budsaratragoon noted that the token is being designed to offer secure investment opportunities, with clear regulations supporting investor exit strategies.

Additionally, Finance Minister Pichai Chunhavajira announced that the government plans to issue approximately $150 million worth of G-Tokens to the public in the coming months, offering returns that may surpass traditional deposit products.