The Thai SEC has filed a complaint against the crypto exchange OKX for violating local regulations, including operating without a license and inadequate KYC/AML practices.
SEC's Complaint Against OKX
The Securities and Exchange Commission of Thailand (SEC) has filed a complaint against the crypto exchange OKX. According to the SEC, OKX has been offering trading services in Thailand without the necessary license in accordance with the Digital Asset Business Act B.E. 2561 (2018). The SEC also alleged that the exchange hasn't implemented sufficient Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, which poses potential risks to Thai traders.
Thai SEC's Previous Actions
The complaint against OKX is part of the Thai SEC's broader crackdown on crypto exchanges operating unlawfully in the country. In July 2021, the SEC filed a criminal complaint against Binance for operating without a license. In December 2023, the SEC also filed charges against Bybit.
Potential Consequences for OKX
While the SEC has only filed a complaint and hasn't yet determined any wrongdoing, if OKX is found guilty, the exchange may face legal penalties. Thai users might be barred from accessing the platform. In April 2024, the SEC announced plans to block access to unauthorized platforms in Thailand, allowing users a grace period to withdraw their funds.
The Thai SEC's actions highlight the importance of compliance with local laws for crypto exchanges to avoid penalties and ensure user protection.
