Thailand SEC to Block Bybit, CoinEx, OKX, and Other Crypto Exchanges– Here’s Why
The Thailand Securities and Exchange Commission (SEC) has revealed that it will obstruct access to a few of the world’s most popular crypto exchanges that don’t have the right licenses. From June 28, Thai crypto traders will no longer be able to use Bybit, CoinEx, OKX, 1000X, and XT.com. This choice is everything about securing financiers …
According to the Thailand SEC, these exchanges are not licensed under the nation’s Digital Asset Service Act. This implies they’re not following the guidelines that ensure financiers are safe. The SEC says these unlicensed platforms could be used by scammers to hide prohibited cash or fraud individuals without them knowing.
To deal with this problem, the SEC has submitted charges versus these exchanges with the Economic Crime Suppression Division. They likewise asked the Ministry of Digital Affairs to block these websites entirely, so individuals in Thailand can’t visit or trade on them at all.
One of these exchanges, Bybit, has actually already dealt with big security problems. Recently, hackers took about $1.5 billion worth of Ethereum tokens from Bybit, making everyone more concerned about the risks of unlicensed platforms.
Meanwhile, OKX, one of the exchanges that’s about to be obstructed, said it’s willing to work with the SEC and other authorities. ‘Our company believe that working with regulators is essential to the future of the digital property industry,’ said an OKX spokesperson.
Recently, the Thailand SEC is informing everyone to move their cash far from these unlicensed exchanges as soon as possible. ‘Investors are urged to immediately protect their assets on these platforms before the approaching gain access to restrictions,’ the SEC stated in a statement.
