Thai SEC files complaint against OKX for alleged regulatory violations

The Thai Securities and Exchange Commission filed a complaint against OKX for a license without license and other offenses.

The Thai sec has filed a complaint against Okx Crypto Exchange, citing multiple violations of regulations on the digital assets of Thailand, as originally reported By finance Feeds. According to the dry, Okx proposed commercial services in Thailand without the necessary license under the law on digital asset activities at 2561 (2018). The SEC also allegedly alleged that the scholarship had not experienced customer and fight against money laundering protocols, posing potential risks for Thai merchants. Another problem raised by the SEC was that OKX would have failed to comply with the country’s declaration requirements, preventing the Thai authorities from maintaining appropriate regulatory monitoring of its operations.

This decision against OKX is part of the repression of the Thai sec on the exchanges of crypto which operate without authorization in the country. In July 2021, the Thai sec laid A criminal complaint against Binance for having worked without the necessary license. After these actions, Binance collaborated With the development of Gulf energy to establish a regulated exchange in Thailand through a joint venture. In December 2023, the SEC also filed a complaint against Bybit for the operation of a digital asset trading platform without appropriate authorization.

Following a meeting of the technological committee for the prevention and abolition of crime in April 2024, the Thai sec announcement Plans to block access to unauthorized platforms across the country, granting users a grace period to withdraw their funds before restrictions take effect.

As the SEC has not filed a complaint against OKX and has not yet determined the reprehensible acts, if OKX is finally found in violation, it will be confronted with legal sanctions and that Thai users will not be able to access the platform.