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With the Thai SEC blocking Bybit, OKX, CoinEx, and two other unlicensed exchanges by June 28, anyone holding funds on those platforms has a short window to move money safely. The mechanics matter — done wrong, you can lose funds to a wrong address or a congested withdrawal queue. Here’s a step-by-step guide to getting your crypto off a soon-to-be-blocked platform cleanly.
Step 1 — Inventory what you hold and where
Before touching anything, list every asset on every affected platform: coin, amount, and which network it’s on. You can’t move what you haven’t measured, and rushing this step is how people miss a balance and lose access after the block.
Step 2 — Decide the destination first
Pick where each asset is going before you withdraw. Two clean options for Thai users:
- Self-custody wallet — a hardware wallet (Ledger, Trezor) for anything above THB 500,000 or for long-term holdings you won’t trade. Maximum control, no counterparty risk
- Thai SEC-licensed exchange — Bitkub, Binance TH, or Bitazza if you want to keep trading with the tax exemption and local protection
Set up and verify the destination wallet or account fully before you start moving funds. Don’t create the destination in a rush mid-transfer.
Step 3 — Test with a small amount first
This is the rule that saves people from catastrophe: send a small test amount first — the minimum the network allows — to confirm the address and network are correct. Wait for it to arrive and confirm. Only then send the rest. A wrong address or wrong network means the funds are gone permanently, and no support can recover them.
Step 4 — Match the network carefully
Each coin can move on multiple networks (USDT on Tron, Ethereum, BSC; etc.). The sending and receiving network must match exactly. Tron (TRC20) is cheapest for USDT; Ethereum (ERC20) costs more in fees. Sending on the wrong network is one of the most common ways to lose funds — double-check before confirming.
Step 5 — Don’t wait until the deadline
Withdraw early. As June 28 approaches, expect heavier withdrawal traffic on the affected platforms, which can mean delays, temporary freezes, or congestion. The platform may also tighten withdrawals for Thai users ahead of the block. Moving now, with days to spare, avoids all of that.
Step 6 — Record everything for tax
Save withdrawal confirmations, transaction IDs, dates, and the value at the time of each move. You’ll need these for your tax records — and remember, any gains realized on the now-blocked offshore platform are taxable as foreign-sourced income on remittance, unlike trades on a licensed Thai exchange which qualify for the 2025-2029 exemption.
Step 7 — If you’re moving to keep trading, verify the licensed venue
If your destination is a Thai exchange, confirm it’s actually on the SEC’s licensed-operator list (Bitkub, Binance TH, Bitazza all qualify), and that the deposit address belongs to the licensed entity. Then your future trades keep the tax exemption and consumer protection.
The quick checklist
- Inventory all assets on affected platforms
- Set up and verify the destination (self-custody or licensed exchange)
- Send a small test transaction first, confirm arrival
- Match the network exactly on the full transfer
- Move early — don’t wait for June 28
- Record every transaction for tax
The takeaway
Moving funds off a soon-to-be-blocked exchange is straightforward if you do it carefully and early. Inventory first, set up the destination, test with a small amount, match the network, and don’t wait for the deadline. For Thai users, moving to a licensed exchange or self-custody isn’t just about access after June 28 — it’s about keeping the tax exemption and the consumer protection that the licensed system provides.
