The regulator referred to the decisions of India and the Philippines to ban crypto exchanges that do not have a work permit. Recall that in 2023, restrictions were imposed in India on the activities of crypto platforms that worked illegally in the country. Such platforms include Binance, Kucoin, Gate, Bittrex, Bitstamp, MEXC and Bitfinex. Financial intelligence demanded to block access to their websites for the local population.
The Thai SEC did not specify which exchanges would be blocked, but urged users to withdraw their funds as soon as possible. Regulators are trying to find a balance between supporting the local crypto ecosystem and preventing fraud, so that investors can invest in the development of the local digital asset market, and at the same time reduce the number of crimes in the industry.
Earlier, the SEC of Thailand tightened the rules for the initial placement of tokens (ICO), explaining the change in norms by protecting the interests of holders of cryptocurrency assets.