The Thailand Securities and Stock Exchange Committee (SEC) filed a complaint against the famous OKX encryption to work in the country without a license. The criminal complaint was against the OKX AUX Cays Fintech Co. LTD and Nine Excination Associas.
in complaint It was submitted to the ECD Crime Division, SEC claimed that OKX operates without a license in the country that violates the emergency decree on digital asset companies (2018). He stated that the stock exchange started operating in Thailand in October 2021 and headed 0.1 % in transactions fees despite working without a license.
He said:
“OKX activities are vulnerable to the digital asset exchange operation under Article 3 of the emergency decree, which OKX has not obtained a license, in violation of Article 26, and is subject to crimes and penalties under Article 66 of the emergency decree.”
SEC names in Thailand OKX Partners
Meanwhile, the organizer also indicated that OKX was promoting its unlicensed operations on social media using platforms such as Facebook and X (previously Twitter), Telegram, YouTube, Discord and OpenChat.
The Securities and Stock Exchange also identified nine people who helped the stock market promoting its services on social media and submitted criminal complaints against them, noting that they helped the stock exchange to develop the base of users in the country. She pointed out that their actions violate the law of digital assets.
The organizer said:
“The actions of these nine individuals have increased the OKX vision and attract more users to their services. As a result, their behavior constitutes OKX assistance in running digital assets without a license, in violation of Article 26 of the emergency decree.”
With the start of the legal procedure, the regulatory entity seeks to impose penalties as stipulated under the law against OKX and its promoters. However, deposit is just the beginning of the criminal procedure and not evidence of guilt. It is now up to the prosecutors to determine whether they will have the case. SEC can monitor procedures and cooperate with the relevant agencies you deal with.
However, if OKX and its promoters are convicted, they may face serious penalties. under Digital asset decreeAnyone who runs an unlicensed stock exchange between two to five years in prison may face a fine of 200,000 baht ($ 5,894) to 500,000 baht ($ 14,737) and 10,000 baht ($ 295) per day from the day of failure to pay.
SEC warns in Thailand of unlicensed exchanges
Meanwhile, the organizer warned the public and investors against using unlicensed digital assets in the country. She pointed out that these platforms come with great risks as there is no legal protection for users, and they may be victims of money laundering and fraud.
He added that the list of digital assets companies that can work in the country can be accessed on its website. According to Information on the site32 Circle companies are already licensed to work, with prominent names including Binance and Upbit.
Interestingly, this is not the first time that the Thai authorities have been aimed at exchanging encryption to work without licenses. In 2024, they announced plans to prevent all unlicensed exchanges in the country by presenting their names to the Ministry of Digital Economy and Society. They also filed a similar complaint against bybitit in 2023.
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