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June 28, 2026 was the date by which all foreign crypto exchanges soliciting Thai users were required to hold a Thai SEC licence or exit the Thai market. The grace period that followed Thailand’s 2025 Royal Decree amendments is now over. For Thai retail traders, the question is simple: which platforms are legal, which are not, and what happens if you were trading on one that doesn’t make the cut?
The Legal Landscape: Who Made the Cut
As of August 2026, the Thai Securities and Exchange Commission (ก.ล.ต.) has granted digital asset exchange licences to four operators serving retail Thai users: Bitkub (Thailand’s largest crypto exchange by volume), Gulf Binance (a joint venture between Gulf Energy and Binance), Bitazza, and Zipmex (currently under financial restructuring, operating under regulatory supervision). These are the only four platforms where Thai retail investors can legally trade crypto for domestic purposes. Operating through an unlicensed exchange as a Thai resident doesn’t mean you’ll be arrested tomorrow — but it creates legal and financial risks that are worth understanding clearly.
What Happened to the Others: Bybit, OKX, and More
The Thai SEC moved against several major international exchanges that continued soliciting Thai users without a local licence. Bybit and OKX were specifically named in enforcement actions in late June, with the SEC issuing blocking orders and referring the cases to criminal prosecution authorities. Thai residents who continue using these platforms after the June 28 deadline are using exchanges that have been specifically identified as non-compliant by Thai financial regulators. The risk isn’t theoretical: blocked platforms may be unable to process THB withdrawals through Thai banking channels, creating an exit problem even if you’re willing to close your account.
The Extraterritorial Reach: What the Law Actually Says
Thailand’s amended Digital Asset Business Decree has extraterritorial application: any exchange that “solicits” Thai users — through Thai-language interfaces, Thai baht pricing, Thai marketing, or even social media advertising targeted at Thai users — is subject to Thai regulation regardless of where the exchange is incorporated. This is a significant expansion beyond the 2018 framework. The practical implication: even if you access an unlicensed exchange through a VPN or via a non-Thai domain, you’re still a Thai resident trading on a platform that is in violation of Thai law. Thai tax authorities and the SEC can trace these activities through bank records and on-chain transaction data.
What Thai Traders Should Do Now
If you were using an unlicensed exchange and still have funds there, the priority is to withdraw your assets to a self-custody wallet or to a licensed Thai exchange as soon as possible. The risk of leaving funds on a platform that has been blocked from Thai banking channels is that withdrawal options narrow over time. For ongoing trading, moving to Bitkub or Gulf Binance is the straightforward path for most Thai retail traders. Gulf Binance, in particular, offers access to a broader range of trading pairs than pure domestic exchanges, since it operates under Binance’s global infrastructure with Thai regulatory compliance layered on top.
Compliance Beyond the Exchange: Your Tax Obligations
Having a licensed exchange doesn’t end your compliance obligations — it starts them. Thailand has a 5-year capital gains tax exemption for crypto transactions conducted through licensed platforms (a major incentive for staying within the legal framework). However, this exemption doesn’t extend to unlicensed platforms. Gains from trading on Bybit or OKX after June 28 are not exempt from Thai tax — they’re fully assessable as personal income. The ก.ล.ต. and the Revenue Department have signaled that enforcement of crypto tax reporting will increase through 2026 and 2027, particularly targeting high-volume traders who have used unlicensed platforms.
AML and KYC: What Licensed Exchanges Require
All four licensed Thai exchanges are subject to Thai Anti-Money Laundering Office (AMLO) requirements, which include full KYC verification (Thai national ID or passport), source of funds documentation for large transactions (typically over ฿5 million), and transaction monitoring and reporting for suspicious activity. Thai users who have previously used exchanges with lighter KYC requirements will find the licensed Thai exchange process more involved — but this is the cost of operating within a framework that also gives you the tax exemption and legal protection against exchange failures.
The Bottom Line on Post-June-28 Crypto in Thailand
The June 28 deadline was not a suggestion. Thailand’s SEC has demonstrated it will use criminal referrals and banking channel blocks against non-compliant exchanges. For Thai retail investors, the calculus is clear: the licensed exchanges (Bitkub, Gulf Binance, Bitazza, and cautiously Zipmex pending its restructuring outcome) are the only legally compliant options. The 5-year CGT exemption on licensed platforms makes staying within the regulated framework financially advantageous as well as legally necessary. If you’re still using an unlicensed platform, today is a better day to migrate than next month.
