The Securities and Exchange Commission (SEC) of Thailand have filed a criminal complaint against OKX, a prominent cryptocurrency exchange, for allegedly operating an unlicensed digital asset trading platform in the country. The legal action, announced today, targets Aux Cayes FinTech Co. Ltd., the Seychelles-based operator of OKX, along with nine individuals accused of facilitating its activities.
According to the Thai SEC, OKX has been providing crypto trading services to Thai users since at least October 15, 2021, through its website, www.okx.com, without obtaining the necessary license under the Emergency Decree on Digital Asset Businesses (2018). The regulator claims that OKX charged a 0.1% transaction fee and actively promoted its services via social media platforms, including Telegram, X, and Line OpenChat, in violation of Thai law.
The complaint, lodged with Thailand’s Economic Crime Suppression Division (ECD), accuses OKX of bypassing regulatory requirements designed to protect investors and ensure market integrity. The nine individuals named in the lawsuit allegedly supported OKX by promoting the platform through various online channels, significantly boosting its user base in Thailand. The SEC argues that these actions constitute “assistance or facilitation” of an unlicensed digital asset exchange, an offense punishable under Section 66 of the Emergency Decree and Section 86 of the Criminal Code.
“The SEC is committed to enforcing digital asset regulations and protecting investors from the risks posed by unlicensed operators,” a spokesperson for the regulator said. “We urge the public to verify the licensing status of any platform before engaging in transactions to avoid potential fraud or financial loss.”
If found guilty, OKX and its associates could face severe penalties, including imprisonment of two to five years, fines ranging from 200,000 to 500,000 baht (approximately $5,900 to $14,700 USD), and additional daily fines for continued non-compliance. The case has been handed over to the ECD for further investigation and potential prosecution.
This lawsuit marks the latest in a series of regulatory crackdowns on unlicensed crypto exchanges in Thailand. In 2024, the SEC announced plans to block unauthorized platforms, following similar actions against exchanges like Bybit in 2023. The regulator has also advised investors to use its official website or mobile app to confirm the legitimacy of digital asset service providers, noting that 32 licensed crypto businesses, including Binance and Upbit, are currently authorized to operate in the country.
