Thailand’s Securities and Alternate Fee (SEC) has filed a felony criticism towards international cryptocurrency alternate OKX, alleging it has been working within the nation with out the required license since October 15, 2021.
In response to the criticism, OKX, operated by Aux Cayes Fintech Co. Ltd., has been providing digital asset alternate companies to Thai customers unlawfully.
The SEC stated the platform collected transaction charges and promoted its companies with out regulatory approval, actions that fall underneath felony penalties.
Thailand’s Financial Crime Division to Examine OKX Case
The case will likely be investigated by the Financial Crime Suppression Division.
Alongside the alternate, 9 people have additionally been accused of selling OKX’s unlicensed platform on social media, as famous by monetary consultancy Kapronasia.
Thai authorities have additionally flagged OKX for failing to implement ample know-your-customer (KYC) and anti-money laundering (AML) procedures.
The lapse might have probably uncovered Thai traders to monetary dangers and undermined regulatory oversight.
If convicted, OKX and the people concerned might face two to 5 years in jail, fines between 200,000 and 500,000 baht (roughly $5,890–$14,630), and a each day high-quality of 10,000 baht ($293) till compliance is met, in keeping with Thanh Nien.
Thailand's SEC has filed a felony criticism towards OKX operator Aux Cayes FinTech and 9 people for providing crypto buying and selling companies with no license, violating the 2018 Digital Asset Enterprise Decree. OKX reportedly served Thai customers since 2021 through its web site and…
— Wu Blockchain (@WuBlockchain) March 29, 2025
The enforcement transfer is a part of a broader effort by Thailand’s SEC to tighten management over digital asset platforms.
In earlier years, the regulator has taken comparable actions towards different main exchanges, together with Binance and Bybit.
OKX has additionally confronted scrutiny globally, having reached a $504 million settlement with U.S. authorities for unlicensed operations.
Just lately, OKX enlisted former New York Governor Andrew Cuomo as a authorized advisor amid its $505 million federal settlement with U.S. authorities.
Cuomo, a licensed New York legal professional, reportedly started advising OKX following his resignation from the governorship in August 2021.
Previous to that, the alternate additionally appointed Linda Lacewell as its new Chief Authorized Officer, the corporate introduced.
Lacewell, who beforehand served because the Superintendent of the New York Division of Monetary Providers (NYDFS), will oversee the corporate’s international regulatory and compliance technique.
OKX Suspends DeFi Providers Amid Media Scrutiny and EU Regulatory Stress
Final month, OKX briefly suspended its decentralized finance (DeFi) companies, citing intensified media scrutiny and a coordinated assault allegedly involving the North Korean Lazarus Group.
The corporate acknowledged that whereas it usually stays centered on innovation, it couldn’t ignore the timing of those accusations, particularly because it steps up efforts to fight monetary crime.
The transfer got here after growing aggressive strain and regulatory consideration, notably from the European Union.
OKX’s choice comes as EU regulators examine the platform over claims of laundering $100 million from the February 2025 Bybit hack.
The probe threatens the alternate’s MiCA license, which is important for working in Europe underneath the brand new crypto regulatory framework.
The put up Thai SEC Recordsdata Legal Criticism Towards OKX for Unlicensed Operations appeared first on Cryptonews.