The Thai Securities and Exchange Commission (SEC) has filed a criminal complaint against Aux Cayes FinTech Co. Ltd., the company behind OKX, for allegedly running a digital asset exchange without regulatory approval.
The SEC also named nine individuals linked to the platform, claiming they helped promote OKX’s services in Thailand without proper authorization, a move that violates the country’s Emergency Decree on Digital Asset Businesses.
According to a report from crowdfundinsider, the Thai SEC, OKX has been actively offering crypto trading services to Thai users since 2021, despite not holding a license to operate within the country. The regulator noted that OKX not only promoted its services through platforms like Telegram, X (formerly Twitter), and Line OpenChat, but also charged trading fees similar to licensed exchanges, further misleading investors.
“Operating a crypto business in Thailand without a license undermines investor protection,” the SEC stated.
The nine individuals named in the complaint allegedly aided in promoting OKX, helping it leverage local exposure and attract Thai investors. The SEC claims their actions represent direct involvement in the unauthorized operation of a digital asset exchange.
This latest action against OKX is part of a broader crackdown by regulators worldwide, as countries tighten their grip on crypto markets. From South Korea to the U.S., unlicensed platforms are facing increasing scrutiny and enforcement.
Thailand’s case sets a precedent and reinforces the message: compliance isn’t optional.
What Happens Next?
The case has been formally handed over to the Economic Crime Suppression Division (ECD). It will now determine the appropriate legal action, which could include fines and possible imprisonment under Thai financial laws.
If convicted, OKX and its associated individuals may face significant penalties, with potential reputational damage on a global scale.
The SEC issued a public warning, urging Thai citizens to avoid trading on unlicensed platforms. Without regulatory oversight, the SEC warns, users are exposed to higher risks of fraud, asset loss, and zero legal recourse.
Investors are encouraged to verify an exchange’s status on the SEC’s official list of authorized digital asset businesses before depositing funds or trading.
