Thailand has announced restrictions on five major cryptocurrency exchanges, linked to compliance with digital asset legislation and anti-money laundering efforts.
Reasons for Exchange Restrictions
The Thai Securities and Exchange Commission (SEC) has restricted access to exchanges CoinEx, HT(dot)Com, 1000X, OKX, and Bybit, effective May 28, 2025. These measures were taken due to the lack of operating licenses in the country. The SEC noted that the blocked exchanges were providing services to Thai citizens without complying with the Digital Asset Business Act B.E. 2561 (2018). Additionally, the SEC has filed charges against the operators of these exchanges with the Economic Crime Suppression Division.
Current Trends in Thailand's Crypto Market
Amid the restrictions, other exchanges such as Bitkub, Binance TH, Orbix, and KuCoin Thailand continue to operate. According to CoinGecko, the four largest centralized crypto exchanges in Thailand, including Bitkub and Zipmex, recorded a combined trading volume of over $36.7 billion in 2022. Trading volumes in Thai CEXs are expected to range between $40 and $50 billion in 2025. Exchanges complying with KYC/AML regulations are less prone to scams than unlicensed platforms.
Crypto Tourism in Thailand
In January this year, Thailand launched a pilot program for cryptocurrency use in Phuket, allowing foreign tourists to make purchases using Bitcoin at authorized stores and hotels. The program operates under existing laws without introducing new regulations. Tourists must register with a licensed crypto exchange in Thailand to use the services. With 35.7 million tourists expected in 2024, this initiative targets crypto owners who can significantly contribute to the economy.
Thailand continues to implement regulatory measures in the crypto industry, aiming to enhance security and transparency, potentially benefiting its growth and attracting investment.
