Thai Regulators Reference Binance and Bybit in Asia’s Crypto Crackdown

• Thai SEC intensifies crackdown on unauthorized digital asset service providers.
• Binance and Bybit are highlighted as major platforms operating without proper licenses.
• SEC advises users to withdraw assets from unlicensed platforms.

The Thai Securities and Exchange Commission (SEC) is intensifying its crackdown on unauthorized digital asset service providers. SEC Secretary-General Pornanong Busaratrakul announced that the commission actively blocks access to these illegal platforms to curb financial crimes.

The SEC pointed to similar cases with major platforms, such as Binance and Bybit, accused of operating without proper licenses. Binance, in particular, faced accusations in 2021 but later established a regulated exchange in Thailand through a joint venture. Furthermore, Bybit, flagged by the SEC in December 2023, continues to operate despite regulatory issues.

The Thai SEC has advised users of unlicensed platforms to withdraw their assets promptly, echoing similar measures taken in India and the Philippines. The Philippine SEC chair, Emilio Aquino, stated on April 23 that Binance’s actions vi…

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