- Thailand’s SEC files a criminal complaint against OKX for operating a crypto exchange without a proper license.
- The complaint includes nine individuals who allegedly promoted OKX through various online platforms.
Thailand is facing a unique situation in its journey towards the digital era. While the government is actively promoting blockchain-based innovation, its financial authorities are dealing with one of the biggest names in the crypto industry.
The Securities and Exchange Commission of Thailand (SEC) has officially filed a criminal complaint against Aux Cayes FinTech Co. Ltd., the operator of the OKX digital asset trading platform, on charges of operating services without an official license. The case involves not only the company but also nine individuals who allegedly helped promote the service in the country.
🔥BREAKING: Thai SEC Files Criminal Complaint Against OKX for Unlicensed Operations. pic.twitter.com/IGIkipoJrL
— Pushpendra Singh Digital (@PushpendraTech) March 29, 2025
Through its website and multiple social media channels, including Telegram, X, and Line OpenChat, OKX has been actively serving Thai users since October 15, 2021.
Additionally, they take 0.1% of every trade as a transaction fee. Although it appears to be a normal business operation, Thai regulators believe that this is against the Digital Asset Business Act, which has been in force since 2018.
The filing of this complaint was immediately followed up by the transfer of the case to the Economic Crimes Division (ECD). Local authorities have emphasized that facilitating unauthorized digital asset trading, regardless of the platform’s popularity or size, is illegal.
Thailand Balances Regulation With Its Digital Ambitions
On the other hand, this decisive move comes amid Thailand’s efforts to strengthen its position as one of Southeast Asia’s digital economy leaders. The CNF previously reported that Thailand’s TIDC has appointed two key figures, Tekin Salimi and Rushi Manche, as strategic advisors. Both are expected to bring blockchain expertise that can strengthen Thailand’s appeal to global investors.
Furthermore, the government recently revised the regulations pertaining to cryptocurrency. The aim is not just regulation, but rather to support the carbon trading market. Under the new regulations, blockchain technology can now be used to tokenize carbon credits, carbon permits, and even renewable energy certificates.
This implies that the process can be made more transparent and efficient rather than depending on the antiquated, convoluted, and slow mechanisms.
Imagine trying to buy and sell carbon credits like you would an antique, but it’s all done in a cramped, dusty traditional market. Well, with this new approach, Thailand is trying to shift that market to a clean, fast, and open digital ecosystem for more players.
Innovation on Trial Amid Regulatory Tightropes
However, this progressive step also comes with challenges. Just like opening a new toll road, there will always be drivers who don’t understand the signs. The OKX case could be a reflection of how digital progress and legal certainty must go hand in hand.
In addition, Thailand has also launched an interesting trial on January 10, 2025: the use of digital assets as a means of payment in Phuket. It is to make it easier for foreign tourists to use crypto to pay for necessities during their vacation. This project is a kind of living laboratory for Thailand to see if digital assets can truly integrate with the tourism economy that is the mainstay of the land of the white elephant.
