Thailand SEC Sues OKX: Unlicensed Crypto Exchange Operations

The post Thailand SEC Sues OKX: Unlicensed Crypto Exchange Operations appeared first on Coinpedia Fintech News

Regulators worldwide are tightening their grip on crypto exchanges, and Thailand is no exception. The country’s Securities and Exchange Commission (SEC) has taken legal action against OKX, one of the biggest crypto exchanges, for allegedly operating without a license.

The Thai SEC has filed a criminal complaint against Aux Cayes FinTech Co. Ltd., the operator of OKX, along with nine individuals linked to the platform. According to the regulator, OKX was offering crypto trading services in Thailand as far back as 2021—without the necessary approval.

Why is OKX in Trouble?

Authorities claim that OKX was actively promoting its services in Thailand via social media, including Telegram, X, and Line OpenChat. It even charges a 0.1% trading fee, just like licensed platforms. This, according to the SEC, violates Thailand’s Emergency Decree on Digital Asset Businesses, a law that ensures only regulated firms operate in the crypto space.

The nine individuals accused in the case allegedly helped OKX to leverage the Thai market by promoting it to investors. The SEC argues that their insider trading and involvement are directly connected to the exchange’s illegal operations.

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What Happens Next?

The case has been handed over to the Economic Crime Suppression Division (ECD), which will determine further legal action. If found guilty, OKX and those involved could face hefty penalties under Thai law.

Meanwhile, the SEC is warning investors about the risks of using unlicensed platforms. Without proper regulation, there’s no guarantee of security, and investors could be exposed to fraud or financial losses. The regulator advises traders to check a platform’s licensing status before investing.

This case highlights the increasing pressure on crypto exchanges to comply with local regulations. With more governments cracking down, exchanges operating without proper authorization could face serious consequences.