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On June 28, 2026, Thailand’s grace period for foreign crypto exchanges operating without a Thai SEC licence formally ended. Two Royal Decrees that took effect on April 13, 2025 had amended the Digital Asset Business Emergency Decree to require foreign crypto platforms soliciting Thai users to hold a Thai SEC licence. The June 28 deadline was the end of that transition window. Bybit, OKX, and CoinEx were blocked immediately.
The Ministry of Digital Economy and Society has authority under technology crime law to block domains and IP addresses without a court order — a faster enforcement mechanism than the traditional legal route.
What Got Blocked and Why
Bybit, OKX, and CoinEx are blocked because they chose not to apply for or obtain Thai SEC licences for retail operations before the grace period ended. The Thai SEC had issued blocking orders against these platforms in advance of the June 28 deadline. The enforcement was not a surprise; the regulator had communicated the timeline clearly since early 2025.
Prior to June 28, the SEC had also filed criminal complaints against both local brokers and overseas platforms alleged to have operated unlicensed exchanges in conjunction with Thai-licensed entities. These complaints targeted executives, not just corporate entities — a signal that Thailand is treating unauthorised crypto operations as a serious enforcement matter, not a regulatory technicality.
What Is Still Legal
Thai retail investors can legally: buy and sell digital assets on the four SEC-licensed exchanges for retail users (Bitkub, Gulf Binance, Bitazza, and Zipmex, which is under restructuring); hold digital assets they already owned before the block; transfer assets from blocked exchanges to a personal wallet or a licensed Thai exchange; and invest in digital asset funds or products offered by SEC-regulated financial institutions.
What Is Now Illegal or High-Risk
Using a VPN or other technical workaround to access Bybit, OKX, or CoinEx from Thailand is not explicitly prohibited in every provision of current law, but using a service that the regulators have specifically blocked creates significant legal exposure. The technology crime law under which blocking orders are issued covers accessing blocked services, and the Thai SEC has shown willingness to pursue both institutions and individuals aggressively.
Opening a new account on a blocked foreign platform using a Thai identity or Thai bank account is clearly illegal under the current framework. Transferring funds from a Thai bank to a blocked foreign exchange is also prohibited.
What About Existing Holdings on Blocked Platforms
If you held assets on Bybit, OKX, or CoinEx before the block, the Thai SEC’s position has generally been that existing holdings are not themselves illegal — the problem is the ongoing relationship with an unlicensed platform. The practical guidance is to withdraw assets to a personal wallet or transfer to a Thai licensed exchange. Leaving assets stranded on a blocked platform creates operational risk (access may become permanently unavailable) and does not reduce legal exposure.
What to Watch
The Thai SEC has signalled ongoing enforcement against platforms that continue to solicit Thai users despite the block. Domain changes, mirror sites, and workaround apps will face takedown actions. The regulator has also been building an AI-based market surveillance system for AML monitoring, suggesting increased scrutiny of on-chain flows connected to blocked platforms.
For investors, the practical conclusion is straightforward: move to Bitkub or Gulf Binance, complete KYC, and operate within the licensed framework. The regulatory environment is tightening, not loosening, and the cost of compliance is low relative to the legal risk of operating outside it.
Key fact: The Thai SEC’s licensed exchange list for retail users as of August 2026: Bitkub, Gulf Binance, Bitazza, Zipmex (under restructuring). Any platform not on this list is unlicensed for Thai retail.
