In order to protect its residents and curb money laundering, Thailand has announced restrictions on five major crypto exchanges operating in the territory of the nation.
CoinEx, HT(dot)Com, 1000X, OKX, and Bybit are the exchanges that faced the commission’s crackdown, restricting their access from May 28, 2025. The move came following the lack of a licence to operate in Thailand.
As per the Thailand SEC, now blocked exchanges were offering their services to the people in Thailand without complying with the Digital Asset Business Act B.E. 2561 (2018).
It is worth noting that the SEC has also lodged charges against their operators with the Economic Crime Suppression Division (ECD). Thailand’s Ministry of Digital Economy and Society has started taking measures to restrict residents’ access to these exchanges.
Thai SEC quotes that, “ The SEC advises all investors using these platforms to take necessary action regarding their assets before the shutdown date.”
Other than blocked exchanges, some other exchanges that offer their services in Thailand are Bitkub, Binance TH, Orbix, and KuCoin Thailand.
According to CoinGecko, the four biggest centralized crypto exchanges in Thailand, Bitkub, Zipmex, Bitazza, and Orbix, recorded a combined trading volume of over $36.7 billion in 2022.
In 2025, Thai CEX trading volumes will be between$40 and $50 billion. In Thailand, exchanges are less prone to pig butchering fraud than unlicensed platforms because of their strong KYC/AML regulations.
These scams frequently use offshore or unregulated exchanges to transfer funds anonymously.
Matching feet with global trends like the European Union’s Regulation on Markets in Crypto-assets (MiCAR), the crypto business transitioned from a mostly uncontrolled space to a more structured environment between 2023 and 2024 in Thailand.
In an effort to increase market accessibility while maintaining security, the SEC took important actions in 2024, such as eliminating investment caps for individual investors in asset-backed tokens.
Thailand continues to embrace crypto in tourism
In January this year, Thailand launched a crypto pilot program in Phuket, a widely popular travel destination, allowing foreign tourists to make purchases using Bitcoin at authorised stores, hotels, and other places.
The program is placed under existing laws with no new regulations introduced. To use the services, a tourist has to register with a licensed crypto exchange in Thailand.
With 35.7 million tourists in 2024 and 1.8 trillion Thai baht in revenue, Thailand’s tourism industry is using crypto to regain its pre-pandemic levels. To increase revenue, the Phuket pilot focuses on crypto owners who spend a lot of money.
The Emergency Decree on Digital Asset Businesses mandates that Thailand implement strict AML and KYC regulations. Crypto exchanges are required to confirm the identity of their customers, and they must keep records of transactions totaling more than 100k baht for 10 years.
