The Securities and Exchange Commission of Thailand (SEC) intends to block unlicensed cryptocurrency platforms to protect users and combat money laundering.

The regulator cited the decisions of India and the Philippines to ban crypto exchanges that do not have permission to operate. Let us recall that in 2023, India introduced restrictions on the activities of crypto platforms that operated illegally in the country. These platforms included Binance, Kucoin, Gate, Bittrex, Bitstamp, MEXC and Bitfinex. Financial intelligence demanded that access to their sites be blocked for the local population.

Thailand's SEC did not indicate which exchanges would be blocked, but urged users to withdraw their funds as quickly as possible. Regulators are trying to find a balance between supporting the local crypto ecosystem and preventing fraud so that investors can invest in the development of the local digital asset market, while reducing crime in the industry.

Earlier, the SEC of Thailand tightened the rules for the initial offering of tokens (ICO), explaining the change in rules to protect the interests of holders of cryptocurrency assets.