The Thai Securities and Change Fee has filed a criticism towards OKX for working with no license and different infractions.
The Thai SEC has filed a criticism towards OKX crypto trade, citing a number of violations of Thailand’s digital asset laws, as initially reported by Finance Feeds. Based on the SEC, OKX has been providing buying and selling providers in Thailand with out the mandatory license underneath the Digital Asset Enterprise Act B.E. 2561 (2018). The SEC additionally alleged that the trade hasn’t put ample Know Your Buyer and Anti-Cash Laundering protocols, posing potential dangers to Thai merchants. One other situation raised by the SEC was that OKX has allegedly didn’t adjust to the nation’s reporting necessities, stopping the Thai authorities to take care of correct regulatory oversight of its operations.
The transfer towards OKX is a part of the Thai SEC’s crackdown on crypto exchanges that function with out authorization within the nation. In July 2021, the Thai SEC filed a legal criticism towards Binance for working with out the mandatory license. Following these actions, Binance collaborated with Gulf Vitality Improvement to ascertain a regulated trade in Thailand by means of a three way partnership. In December 2023, the SEC additionally filed a criticism towards Bybit for working a digital asset buying and selling platform with out correct authorization.
Following a gathering of the Know-how Crime Prevention and Suppression Committee in April 2024, the Thai SEC introduced plans to dam entry to unauthorized platforms throughout the nation, granting customers a grace interval to withdraw their funds earlier than restrictions take impact.
Because the SEC has solely filed a criticism towards OKX and has not but decided any wrongdoing, if OKX is in the end present in violation, it’s going to face authorized penalties, and Thai customers won’t be able to entry the platform.
