The Thailand Securities and Exchange Commission (SEC) has announced the closure of five cryptocurrency exchanges, including Bybit and OKX, due to their illegal operations.
Closure of Crypto Exchanges in Thailand
The Thai SEC issued an order to shut down exchanges Bybit, 1000X, CoinEx, OKX, and XT for operating without a license. All exchanges must cease operations by June 28, 2025, and legal actions will follow for non-compliance with the Royal Decree on Cybercrime Prevention.
Impact on Users and the Market
After the deadline, Thai users may face restricted access to the platforms, potentially shifting trading volume to licensed exchanges. Trading of assets like BTC, ETH, and major altcoins may be interrupted temporarily.
Outlooks and Changes in the Crypto Market
The SEC's decision may lead to a migration of trading activity to platforms compliant with local laws. Market sizes are likely to change significantly, as evidenced by historical trends where regulatory actions in other countries have prompted increased compliance.
The closure of exchanges in Thailand highlights regulators' active measures to protect investors and combat illegal financial practices in the cryptocurrency sphere.
