Thailand Bans Foreign P2P Crypto Platforms in 2025 Crackdown

On June 28, 2025, Thailand cut off access to five major foreign peer-to-peer (P2P) crypto platforms-Bybit, 1000X, CoinEx, OKX, and XT.COM-without warning, without court orders, and without exceptions. If you were using any of these platforms to trade crypto in Thailand, your account suddenly became unreachable. No emails. No grace period beyond one month. Just a black screen where your wallet used to be.

Why Thailand Did This

Thailand didn’t wake up one day and decide to ban foreign crypto platforms because it hated innovation. The move was a direct response to a flood of scams, money laundering, and fraud tied to unregulated P2P trading. According to the Thai Securities and Exchange Commission (SEC), over 70% of crypto-related financial crimes in 2024 involved foreign platforms that had no legal presence in the country. These platforms allowed users to bypass Know Your Customer (KYC) checks, move large sums anonymously, and disappear after draining wallets.

The SEC’s goal was simple: stop criminals before they hit Thai wallets. The government didn’t ban crypto. It banned foreign, unlicensed crypto platforms. Locally licensed exchanges like Bitkub and Zipmex are still fully operational. You can still buy Bitcoin, Ethereum, or even Thailand’s own upcoming government-backed digital tokens-just not through Bybit or OKX.

The Legal Framework: Two Royal Decrees, One Message

The ban wasn’t a whim. It was built on two emergency laws passed in April 2025:

• Royal Decree on the Operation of Digital Asset Businesses (No. 2), B.E. 2568 - Any foreign platform targeting Thai users must get a license from the Thai SEC. No license? Illegal.
• Royal Decree on Measures to Prevent and Suppress Technology Crimes (No. 2), B.E. 2568 - Gave the Ministry of Digital Economy and Society (MDES) the power to block websites instantly, without needing a judge’s approval.

These weren’t suggestions. They were weapons. Within weeks, MDES started blocking domains, IP addresses, and even mobile app downloads. No appeals. No delays. Just a hard wall between Thai users and unlicensed platforms.

Who Got Hit-and Who Didn’t

Five platforms were publicly named and blocked:

• Bybit
• OKX
• CoinEx
• 1000X
• XT.COM

All of them had millions of Thai users. Many offered high-yield staking, leveraged trading, and low-fee P2P markets-exactly what retail investors wanted. But none had applied for a Thai license. None had local offices. None had submitted to Thai AML (anti-money laundering) audits.

Meanwhile, Thai exchanges like Bitkub, Zipmex, and Krungthai Digital Asset Exchange kept operating. Why? Because they followed the rules. They collected ID documents. They reported suspicious activity. They stored user funds in segregated accounts approved by the SEC. The difference wasn’t size-it was compliance.

What Happened to Users’ Money

The SEC gave users a one-month warning. The announcement came on May 29, 2025: “Withdraw your assets before June 28.” That was it. No step-by-step guides. No customer support extensions. No help moving funds to licensed platforms.

Thousands scrambled. Some pulled out their crypto in time. Others didn’t. Reports flooded in from Reddit and Thai Facebook groups: users locked out with $10,000 or more stuck on Bybit. Some tried to contact customer service-only to find the chatbots gone, emails bounced, support pages blank.

The SEC didn’t offer compensation. They didn’t promise to recover funds. Their message was clear: if you used an illegal platform, you took the risk. The burden was on the user to verify legitimacy before depositing a single baht.

Who Else Got Caught in the Net

This wasn’t just about crypto apps. The new laws forced banks, telecom companies, and even messaging apps like LINE and Telegram to act as gatekeepers.

If a bank processed a payment to an unlicensed crypto platform, it could be fined. If a telecom provider let a user download a blocked app, they could be held liable. LINE had to remove links to foreign P2P services from its payment feature. TrueMove H and AIS had to block access to domain names linked to the banned exchanges.

It turned every Thai digital service into a compliance officer. The goal? Make it harder for criminals to move money through the country’s infrastructure.

What This Means for Business and Cross-Border Payments

Thai businesses that relied on foreign crypto platforms for payments now face major headaches. A Thai startup paying freelancers in India used to send USDT via Bybit P2P-fast, cheap, no bank fees. Now, they must route payments through a licensed Thai exchange, which adds days to transactions and fees that can hit 3-5%.

The same applies to Thai importers paying suppliers in Vietnam or Indonesia. Direct crypto transfers are blocked. They now need intermediaries-local exchanges that convert crypto to baht, then send via traditional banking. That’s slower. More expensive. Less flexible.

Experts say this is intentional. Thailand wants to control every dollar moving in and out of its borders. For the government, it’s about sovereignty. For businesses, it’s a cost they didn’t budget for.

Thailand Isn’t Anti-Crypto-It’s Anti-Loopholes

Don’t confuse this ban with an anti-crypto stance. Thailand is actually pushing forward with blockchain innovation.

On May 13, 2025, the government announced plans to issue 5 billion baht ($150 million) in digital tokens called “G Tokens,” backed by government bonds. These will be sold to institutional investors as part of the national debt strategy. The Bank of Thailand is also testing a blockchain-based securities trading platform for local firms.

This isn’t hypocrisy. It’s control. Thailand wants its own digital assets-regulated, traceable, and under its jurisdiction. Foreign platforms? They’re seen as wild west outposts. Domestic ones? They’re part of the national financial system.

What Comes Next?

As of October 2025, the ban is holding. No court has overturned it. No foreign exchange has gotten a license. The SEC says it’s reviewing applications-but none have been approved yet. The bar is high: local offices, Thai staff, full AML compliance, and real-time transaction monitoring.

Other Southeast Asian countries are watching closely. Indonesia and Malaysia are already drafting similar rules. Singapore, which took a more open approach, now faces pressure to tighten controls on foreign platforms targeting its neighbors.

For Thai users, the message is clear: if you want to trade crypto, use a Thai-licensed exchange. If you want to use Bybit or OKX, you’ll need to leave the country-or risk breaking the law.

Can You Still Use Crypto in Thailand?

Yes. But only through licensed platforms.

You can still buy Bitcoin, Ethereum, Solana, or even Thai government-backed digital tokens. You can still earn interest, stake, or trade. You just can’t do it through foreign apps that ignore Thai law.

The government isn’t trying to kill crypto. It’s trying to tame it. And for now, that means no more anonymous trades. No more offshore wallets. No more loopholes.

If you’re in Thailand and still holding crypto on a banned platform, you’re not alone. But you’re also not protected. The SEC won’t help you recover it. The law won’t save you. And the clock isn’t ticking anymore.