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Thailand now has two official crypto exchanges for retail investors: Bitkub and Gulf Binance. That is it — at least for now.
On June 28, 2026, the Thai Securities and Exchange Commission’s deadline for unlicensed digital asset exchanges passed. Bybit, OKX, and CoinEx — none of which hold a Thai license — are now blocked from serving Thai users under the Digital Asset Business Act, amended in 2026 to carry extraterritorial enforcement powers. The change affects roughly 7 million Thai crypto holders, about one in every ten Thai adults.
What “Blocked” Actually Means
Thai internet service providers received orders to restrict access to Bybit, OKX, and CoinEx at the DNS level. The Thai SEC has been unambiguous: continued trading on unlicensed platforms by Thai nationals is a violation of the Digital Asset Business Act, even when the exchange is hosted offshore. VPN access is technically possible, but the legal risk sits with the user, not the VPN provider.
The extraterritorial reach is what changed in 2026. Previous enforcement focused on the exchanges themselves. The updated law extends liability to Thai residents who knowingly use unlicensed foreign platforms to trade. This is not a soft warning — the Thai SEC filed a criminal complaint against individuals operating outside their authorization in February 2026, signalling real intent to pursue cases when evidence is clear.
The Two-Platform Reality
For Thai retail investors, the practical universe now runs to two primary options: Bitkub and Gulf Binance, the licensed joint venture between Gulf Energy Development and Binance. Both are registered with the Thai SEC as Digital Asset Exchange operators and support PromptPay-linked THB deposits and withdrawals. Orbix and Upbit Thailand hold licenses too, but volume concentrates on the two leaders.
Bitkub holds the domestic market-share lead, built on six years of operation, deep THB liquidity, and local brand trust. Gulf Binance brings Binance’s global liquidity and a broader token list — over 100 tokens versus Bitkub’s 50-plus — and has run aggressive onboarding promotions since its 2025 launch. Both platforms have mobile apps that work well enough, Thai-language support, and reasonable transaction speeds during normal market hours.
If You Still Have Funds on Bybit or OKX
Neither exchange shut down on June 28. They simply cannot actively solicit Thai clients any longer. Withdrawal functions remained operational as of the deadline. The practical advice: withdraw to a licensed Thai exchange or to a self-custody hardware wallet, document the transaction, and stop trading on unlicensed platforms immediately.
The financial risk is not primarily from criminal prosecution of retail traders — that would require significant investigative resources the Thai SEC does not have in unlimited supply. The more immediate risk is banking. KBank, SCB, Bangkok Bank, and Krungsri are expected to flag incoming transfers from known unlicensed exchange wallet addresses under AML frameworks coordinated with the Bank of Thailand. A flagged account faces a temporary freeze during review. That disruption lands harder than a regulatory warning letter.
DeFi and Self-Custody: Where the Law Does Not Reach (Yet)
The Digital Asset Business Act targets operators of digital asset businesses — licensed or not. Self-custody, whether on a hardware wallet or a software wallet the user controls, sits outside this scope. Peer-to-peer trading where neither party is running a business is similarly in a different category. DeFi protocols and DEX participation occupy a grey zone: the Thai SEC has not issued explicit guidance as of June 2026.
The exposure point for anyone using DeFi is the conversion back to THB. Large amounts moving from DeFi-origin wallets into Thai bank accounts run AML risk when banks cannot trace the fund source. That is the practical constraint on decentralised trading, not the trading itself.
What the Thai SEC Plans Next
Thailand’s 2026–2028 digital asset strategy puts crypto at the centre of capital market development — not an experiment to be contained, but an asset class to regulate and grow. The SEC finalised its crypto ETF regulatory framework in early 2026. The Cabinet approved an amendment to the Derivatives Act allowing crypto as underlying instruments for structured products. These are expansion moves.
The enforcement action against Bybit and OKX is consistent with this direction: a smaller, cleaner licensed market is easier to build institutional products on top of. Watch for the first Thai crypto ETF approval in Q3 2026 — the Thai SEC has telegraphed this timeline since February. Licensing applications from global exchanges, including rumoured interest from Bybit itself, are reportedly in motion.
What to Do Right Now
Move assets off unlicensed platforms. Open a Bitkub or Gulf Binance account if you have not — both verify Thai ID holders same-day. Check whether the tokens you hold are available on licensed platforms. If you hold tokens not listed on Thai exchanges, self-custody is your option, but stop actively trading them on unlicensed venues. With 7 million holders and a state strategy that wants digital assets in the mainstream capital market, the next phase — ETFs, derivatives — is coming. Being positioned legally when it arrives is worth the friction of migrating now.
