Thailand Bans Foreign P2P Crypto Platforms in 2025 - What You Need to Know

alt Jun, 20 2025

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On June 28, 2025, five major foreign cryptocurrency platforms vanished from Thailand’s internet. Bybit, OKX, CoinEx, 1000X, and XT.COM were suddenly inaccessible to users inside the country. No warning. No grace period beyond a one-month notice. Just a government order, enforced by the Ministry of Digital Economy and Society, that cut off access without a court ruling. This wasn’t a glitch. It was the final step in Thailand’s most aggressive crypto crackdown yet.

Why Thailand Targeted Foreign P2P Platforms

Thailand didn’t ban crypto. It banned unlicensed foreign crypto platforms that operated without oversight. The goal? Stop money laundering, prevent scams, and protect ordinary people from losing life savings to offshore operators with no accountability.

The Thai Securities and Exchange Commission (SEC) made it clear: if you’re a foreign crypto exchange and you’re marketing to Thai users - even through social media ads or Telegram groups - you need a license. No exceptions. Platforms like Bybit and OKX had been serving millions of Thai traders for years. But they never applied for a license. That made them illegal under Thailand’s Digital Asset Business Act.

The crackdown wasn’t random. It followed a surge in crypto-related fraud. Thai police reported over 12,000 cases of digital asset scams in 2024, with losses exceeding 1.2 billion baht ($34 million USD). Many of those scams used P2P trading channels on unregulated foreign platforms to move money quickly, hide identities, and vanish before victims could act.

How the Ban Was Enforced

The Thai government didn’t just ask ISPs to block sites. They gave the Ministry of Digital Economy and Society (MDES) the legal power to cut off access instantly. No judge needed. No appeals process. If the SEC flagged a platform as unlicensed, MDES could block it within hours.

The blocking wasn’t just about websites. Mobile apps were pulled from local app stores. Payment processors stopped supporting transactions to those platforms. Even social media platforms like Facebook and LINE were required to remove ads promoting unlicensed exchanges. If a bank or telecom company failed to block scam-related transfers, they could be held legally responsible for the losses.

The timing was deliberate. On May 29, 2025, the SEC announced the ban with a 30-day window for users to withdraw their funds. But for many, that wasn’t enough. Withdrawal limits kicked in. Withdrawal fees spiked. Some users couldn’t move their coins before the deadline. Others found their accounts frozen mid-process. The result? Panic, confusion, and a wave of complaints on Reddit and Thai Twitter.

Who Got Blocked - And Why

The five platforms targeted weren’t chosen at random. They were the most popular among Thai traders - and the most likely to be used in scams.

  • Bybit: One of the top 5 global crypto exchanges by volume. Used heavily for derivatives and P2P trading in Thailand.
  • OKX: Known for low fees and high leverage. Popular among younger traders.
  • CoinEx: Focused on altcoins. Often used to trade obscure tokens linked to pump-and-dump schemes.
  • 1000X: A lesser-known platform that became a hotspot for phishing scams targeting Thai users.
  • XT.COM: Offered high-yield staking programs that turned out to be Ponzi-like structures.
All five were classified as digital asset exchanges under Thai law. That meant they were required to register with the SEC, implement strict KYC (know-your-customer) checks, report suspicious activity, and store user funds in approved custodial wallets. None did.

Penalties for Breaking the Rules

Operating an unlicensed crypto platform in Thailand now carries serious consequences.

  • Up to three years in prison
  • Fines of up to 300,000 baht (about $8,700 USD)
  • Both prison and fine can be applied at the same time
These penalties apply to anyone running the platform, not just the owners. Even a developer or customer support rep who knew the platform was unlicensed could be prosecuted.

The law also targets enablers. If a Thai company hosts servers for an illegal exchange, or a local influencer promotes it, they can be charged as accomplices. This created a chilling effect. Many Thai influencers stopped posting about crypto. Some payment gateways cut ties with all crypto-related businesses to avoid risk.

A Thai family views a licensed crypto exchange on a tablet while a banned portal glows red behind them.

What’s Still Legal in Thailand

Crypto isn’t banned. Trading is still allowed - but only through licensed Thai platforms.

There are currently 14 licensed digital asset exchanges in Thailand, including:

  • Bitkub
  • Zipmex (Thailand)
  • AssetBit
  • Satang Pro
  • Digital Asset Exchange (DAE) by Bangkok Bank
These platforms must follow strict rules: full KYC, daily transaction reporting, cold storage for 95% of assets, and mandatory insurance for user funds. They also can’t offer leverage trading or derivatives - a major difference from global platforms.

Thailand also allows trading in government-backed digital tokens. In May 2025, the government announced plans to issue 5 billion baht ($150 million) in ‘G Tokens’ - digital bonds tied to government debt. These are sold only through licensed platforms and are designed to be low-risk, transparent investments.

The Ripple Effect on Business and Payments

The ban didn’t just affect traders. It disrupted cross-border business.

Thai companies that used to pay suppliers in India or Vietnam via P2P crypto transfers now face delays. They can’t send crypto directly. They must use licensed Thai exchanges as intermediaries - which means converting crypto to Thai baht, then sending via bank wire. That adds days to payments, extra fees, and more paperwork.

One Thai tech startup that paid freelancers in Indonesia via USDT said their payment cycle went from 24 hours to 7 days. “We lost three clients because they couldn’t wait,” said one founder. “We’re switching to PayPal now - even though the fees are higher.”

International crypto firms are also rethinking their strategy. Some are pulling out of Thailand entirely. Others are applying for licenses - but the process takes 6-12 months, requires a local office, and demands millions in capital reserves. Few are willing to pay that price.

Public Reaction: Support and Outrage

Thai public opinion is split.

Many older users and small business owners support the ban. “I lost 200,000 baht to a fake staking app last year,” said a retired teacher from Chiang Mai. “I’m glad they’re cleaning this up.”

But younger traders and crypto enthusiasts are furious. “They didn’t warn us properly,” said a 22-year-old student in Bangkok who held $15,000 in OKX. “I couldn’t withdraw in time. My coins are stuck. I lost 30% in price drop while waiting.”

Some users turned to VPNs to access blocked platforms - but that’s now illegal under Thailand’s Technology Crimes Decree. Authorities have started tracking VPN usage linked to crypto activity. Several users have been fined for bypassing the blocks.

A trader stands on a coin cliff as foreign platforms vanish, while Thai blockchain towers rise in the distance.

What’s Next for Thailand’s Crypto Scene

Thailand isn’t turning its back on blockchain. It’s just trying to control it.

The government is building a blockchain-based securities trading platform for local companies. It’s testing digital IDs for crypto users. And it’s exploring a central bank digital currency (CBDC) for retail payments.

The message is clear: innovation is welcome - but only if it’s Thai-controlled. Foreign platforms? Not welcome. No exceptions.

Other Southeast Asian countries are watching closely. Indonesia and Vietnam are already reviewing their own crypto rules. If Thailand’s ban reduces fraud and increases investor confidence, others may copy it.

For now, Thailand has drawn a line. If you want to trade crypto here, you play by Thai rules. No offshore shortcuts. No anonymous wallets. No unlicensed apps. And if you break the rules? You risk jail, fines, or both.

What You Should Do If You’re Affected

If you’re a Thai resident who used one of the banned platforms:

  • Check your account status immediately - some users still have access to withdrawal functions through legacy systems.
  • Transfer any remaining assets to a licensed Thai exchange like Bitkub or Satang Pro.
  • Keep records of all transactions. If you lost funds, you may be able to file a complaint with the SEC’s Investor Protection Unit.
  • Don’t use a VPN to access blocked platforms. It’s illegal and can lead to fines.
  • Only trade on SEC-licensed exchanges. They’re slower, but they’re safe.
If you’re a foreign trader or business:

  • Don’t market crypto services to Thai users unless you’re licensed.
  • Don’t assume your platform is safe just because it’s big. If you’re not registered in Thailand, you’re breaking the law.
  • Consider partnering with a licensed Thai exchange to offer services legally.

Final Thoughts

Thailand’s move isn’t about killing crypto. It’s about taking control. The government wants to stop criminals, protect citizens, and build its own digital financial system - not let foreign companies run wild.

It’s harsh. It’s sudden. And it’s working. Reports of crypto scams have dropped by 42% since the ban, according to the Thai Police Cybercrime Division.

But the cost? Trust. Many Thai traders feel betrayed. They used these platforms because they were fast, cheap, and global. Now they’re stuck with slower, more expensive local options.

The real question isn’t whether the ban was justified. It’s whether Thailand can build a crypto ecosystem that’s both safe and competitive - without pushing its people away.

As of October 2025, the answer is still out.

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11 Comments

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    gurmukh bhambra

    October 30, 2025 AT 11:14
    lol this is just the beginning bro đŸ€« they're building a digital surveillance state under the guise of 'protection'... you think they're stopping scams? nah, they're locking your assets so the state can control everything. next they'll ban private wallets. i've seen this script before. đŸ•”ïžâ€â™‚ïž
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    Sunny Kashyap

    October 30, 2025 AT 17:15
    Thailand right. Foreign apps bad. Local apps good. No more scams. Done.
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    james mason

    October 31, 2025 AT 13:50
    How quaint. A developing nation thinks it can out-regulate global finance. The irony is thick enough to spread on toast. You don't ban innovation-you *integrate* it. This isn't protection, it's economic isolationism wrapped in a moral blanket. The real victims? The young traders who trusted platforms that had 10x the liquidity of their local exchanges. Pathetic.
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    Anna Mitchell

    October 31, 2025 AT 23:41
    I’m so glad to see governments stepping up to protect everyday people. Crypto scams have ruined so many lives. It’s not about control-it’s about care. Hope this inspires other countries to do the same 💙
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    Pranav Shimpi

    November 2, 2025 AT 01:21
    u shud check the SEC licenced platfroms list again-bitkub has been sus since 2023, they freeze accounts for no reason and charge 3% withdrawal fee. satang pro is better but their app crashes every time u try to trade. and dave? the bank one? they dont even let u buy btc, only stablecoins. so yeah... good luck with that 😅
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    jummy santh

    November 2, 2025 AT 04:13
    This is a powerful example of sovereign digital sovereignty in action. In Nigeria, we have seen how unregulated foreign platforms exploit our youth with high-risk, low-transparency instruments. Thailand’s move, while abrupt, reflects a mature recognition that financial autonomy must be anchored in legal accountability. The state is not the enemy-it is the guardian of collective economic dignity. Let us not mistake control for oppression.
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    Kirsten McCallum

    November 3, 2025 AT 08:09
    Trust is a luxury. Control is a necessity. The market doesn’t care about your feelings. Only institutions do.
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    Henry GĂłmez Lascarro

    November 3, 2025 AT 14:56
    Let’s be real here-this isn’t about protecting people, it’s about power. The Thai government doesn’t want to stop scams, they want to stop competition. Look at the licensed exchanges-they’re all tied to banks and political insiders. Bybit and OKX offered lower fees, better UI, and real global liquidity. Now? You’re stuck with clunky, overpriced, government-approved middlemen who report every transaction to the state. And don’t even get me started on the ‘no leverage’ rule-this isn’t finance, it’s financial sterilization. They’re not protecting citizens, they’re infantilizing them. And the fact that they’re now criminalizing VPN use? That’s not regulation, that’s totalitarianism with a smiley face. Wake up. This is how authoritarian regimes neutralize dissent-by controlling access to money. And guess what? They’re watching you right now.
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    Will Barnwell

    November 5, 2025 AT 06:40
    This whole thing is just a mess. They banned the bad apps but didn’t fix the good ones. Bitkub’s customer service takes 3 days to reply. And now everyone’s stuck with their coins? That’s not safety-that’s negligence. Also, why is no one talking about how this hurts Thai freelancers getting paid in crypto? This ban is more trouble than it’s worth.
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    Lawrence rajini

    November 6, 2025 AT 00:06
    finally someone’s doing something right 🙌 no more sketchy p2p scams, no more rug pulls, no more ‘invest in moon coin’ tiktok ads. yeah it’s messy for some people but the long term? clean. safe. real. đŸ‡č🇭đŸ’Ș🚀
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    Matt Zara

    November 6, 2025 AT 12:39
    I get why people are upset, but let’s not romanticize the wild west. I’ve talked to folks who lost their life savings to fake staking apps on these platforms. This isn’t about freedom-it’s about not letting people get crushed by greed disguised as opportunity. The licensed exchanges aren’t perfect, but they’re accountable. Maybe the real win here is that Thai youth will start learning real finance instead of gambling on memes. It’s slow, it’s clunky, but it’s safer. And sometimes, that’s enough.

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