Thailand’s financial watchdog will block access to five major cryptocurrency exchanges, including Bybit and OKX, starting June 28, as part of a sweeping move to crack down on unlicensed digital asset platforms.

The Securities and Exchange Commission (SEC) announced the ban on May 29, naming Bybit, 1000X, CoinEx, OKX, and XT.COM as operating without valid licenses under Thai law. The decision is based on new powers granted by Thailand’s Royal Decree on Technology Crime Prevention, which authorizes the Ministry of Digital Economy and Society to shut down illegal crypto platforms.

Investors currently using these platforms are advised to withdraw their assets before the ban takes effect. The SEC warned that users of unlicensed platforms are not protected under Thai regulations and risk falling victim to scams, fraud, or money laundering activities.

The crackdown follows earlier regulatory reforms passed in April that target foreign crypto exchanges and peer-to-peer platforms. Thai authorities aim to block offshore platforms that operate without oversight, citing national financial security concerns.

Bybit responded to the news, stating it is fully committed to working transparently and complying with local laws. The exchange said it is actively engaging with Thai regulators to gain more clarity on the issue.

While the ban signals a tougher stance on non-compliant exchanges, Thailand is also embracing digital assets more broadly. The government is reportedly working on allowing crypto payments via card-linked platforms for tourists and plans to issue $150 million in digital investment tokens. In March, regulators approved the use of USDT and USDC for trading on licensed exchanges, signaling a dual strategy of enforcement and innovation in the country’s evolving crypto policy.