Complaint: Thai SEC charges OKX over illegal operation
The Thailand Securities and Exchange Commission (SEC) has taken a significant step, filing a complaint against the popular cryptocurrency exchange OKX. The SEC alleges that OKX is operating within Thailand’s borders without proper authorization. This criminal complaint targets OKX’s operating entity, Aux Cayes FinTech Co. Ltd, along with nine individuals linked to the platform.
According to the complaint, which was submitted to the Economic Crime Suppression Division (ECD), the SEC asserts that OKX’s unlicensed operations violate the country’s Emergency Decree on Digital Asset Businesses from 2018. The SEC details in the complaint that OKX began its Thai operations in October 2021 and has been charging a 0.1% transaction fee, all while allegedly lacking the required license.
It said:
“The OKX activities are liable to be an operation of digital asset exchange business under Section 3 of the Emergency Decree, for which OKX has not obtained a license, in violation of Section 26, and subject to offenses and penalties under Section 66 of the Emergency Decree.”
Thailand’s SEC names OKX partners
Adding another layer to their accusations, the SEC pointed out that OKX has been actively promoting its services in Thailand, even without a license, leveraging social media platforms like Facebook, X (formerly Twitter), Telegram, YouTube, Discord, and OpenChat to reach potential users.
Furthermore, the SEC didn’t stop at just OKX itself. They also identified nine individuals who allegedly aided the exchange in its promotional efforts on social media. Criminal complaints have been filed against these individuals too. The SEC states that these people played a role in expanding OKX’s user base in Thailand and that their actions also contravene the digital asset regulations.
The regulator said:
“The actions of these nine individuals increased OKX’s visibility and attracted more users to its services. As a result, their conduct constitutes assisting or facilitating OKX in operating a digital asset exchange without license, in violation of Section 26 of the Emergency Decree.”
Now that legal proceedings are underway, the SEC is aiming to enforce penalties on OKX and its promoters, as outlined by Thai law. It’s important to remember, however, that this complaint is just the beginning of a legal process—it doesn’t automatically mean anyone is guilty. The next step lies with the public prosecutors, who will decide whether to move forward with the case. For its part, the SEC will monitor the developments and collaborate with other involved agencies.
Looking ahead, if OKX and those associated with its promotion are found to be in violation of the law, they could face significant penalties. According to the Digital Assets Decree, operating an unlicensed exchange carries a potential prison sentence of two to five years, alongside fines ranging from 200,000 to 500,000 baht (approximately $5,894 to $14,737 USD), and an additional daily fine of 10,000 baht (about $295 USD) for each day the violation continues.
Thailand’s SEC warns about unlicensed exchanges
Concurrently, the SEC is also issuing a warning to the public and investors, urging caution when using digital asset exchanges that are not licensed within Thailand. They emphasize that these unlicensed platforms present considerable risks. Users may not have legal protection and could become targets for illicit activities like money laundering and scams.
The SEC further advises that a list of officially licensed digital asset businesses in Thailand is readily available on their website. According to information provided on the site, currently, 32 crypto businesses have been granted licenses to operate legally, with well-known exchanges like Binance and Upbit included in this list.
It’s worth noting that this action against OKX isn’t an isolated incident. Thai regulators have been actively cracking down on crypto exchanges operating without proper licensing. Back in 2024, authorities announced their intention to block all unlicensed platforms in the country, planning to submit their names to the Ministry of Digital Economy and Society. Prior to this, in 2023, they had already initiated a similar complaint against the exchange Bybit.
Cryptopolitan Academy: Coming Soon – A New Way to Earn Passive Income with DeFi in 2025. Learn More
