Besides OKX, the SEC also filed complaints about nine other individuals for allegedly running a digital asset exchange without the required licence. The complaint was filed with the Economic Crime Suppression Division (ECD) and follows a referral and further investigation.
The regulator found that OKX offered digital asset trading services through its Thai website, charging a transaction fee of 0.1% and promoting its services across social media platforms.
The SEC mentioned that these activities fall under the definition of a digital asset exchange business under Section 3 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). OKX allegedly operated without a licence, violating this decree and facing penalties under Section 66, which states that individuals who operate without a licence may be liable to fines and/or imprisonment.
The other nine individuals mentioned in the complaint are accused of being involved with OKC by promoting its services on social media channels such as Facebook, YouTube, Discord, Telegram, and Line OpenChat. According to the SEC, their support helped increase the platform’s reach and user base, amounting to assistance in unlicenced operations. This offense falls under the Emergency Decree and the Criminal Decree.
The complaint filed marks the beginning of a formal legal process involving investigation, prosecution, and potential court proceedings. The SEC aims to work with relevant authorities to support enforcement efforts and warns the public to be cautious about dealing with unlicenced digital asset operators, claiming that such platforms are not covered by investor protection laws and may pose risks of fraud and misuse of funds. Investors and users are highly encouraged to verify licenced platforms by accessing the SEC’s website or downloading its mobile app for more details.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now