Thailand to Block Bybit, OKX and Other Crypto Exchanges on June 28

On June 28, the Thai SEC will block five crypto exchanges, including Bybit and OKX, to protect investors and combat illegal platforms. This is a part of a broader initiative to regulate digital asset trading in Thailand following a new Royal Decree.

The Thai Securities and Exchange Commission (SEC) is set to block five cryptocurrency exchanges, including the popular Bybit and OKX, from operating in Thailand starting June 28. This move, announced on May 29, aims to protect investors and curb the use of illegal platforms that can facilitate money laundering activities. The SEC specifically alerted investors using these platforms to take immediate action with their assets before the shutdown takes effect.

This decision follows a significant Royal Decree, which came into play on April 13, outlining measures to prevent and suppress tech-related crimes. Under the new guidelines, the Ministry of Digital Economy and Society (MDES) has the authority to shut down unauthorized digital asset trading platforms operating in Thailand. Earlier this month, the Cabinet also approved changes to emergency decrees concerning digital asset businesses, designed especially to deter foreign peer-to-peer crypto service providers.

In summary, this crackdown reflects Thailand’s tightening grip on the cryptocurrency landscape, pushing for stricter regulations and compliance. With warnings issued by the SEC, users of blocked exchanges are urged to act fast regarding their funds. The ongoing shift in policy highlights the balancing act Thailand faces – embracing the modern digital economy while ensuring investor safety from potential risks and scams.

Original Source: cointelegraph.com