Thailand SEC Files Lawsuit Against Crypto Exchange OKX for Operating Without License ⋅ Crypto World Echo

The main dishes to remember:

• OKX faces a legal action by the Thai sec for allegedly exchanged without the necessary licenses.
• Nine people responsible for promoting the OKX platform in Thailand.
• The SEC warns investors against the use of license -free cryptography services, emphasizing the risks involved.

The dry of Thailand files a trial against the OKX operator and 9 people. The accusations concern the alleged illegal trading of digital assets in Thailand, a violation of the country's emergency decree on digital asset activities of 2018.

Okx in fire for violating the regulations of Thai digital assets

At the heart of the question is the allegation that OKX acted as an exchange of digital assets without obtaining a license from the Thai sec. As the complaint of the SEC indicates, OKX began to offer its services in Thailand around October 15, 2021. The platform would have collected transaction costs of 0.1% and aggressively announced its services on several social media platforms, including Telegram, X and Line Openchat.

The SEC considers that these actions are the scope of an exchange of digital assets as defined in Thai law. In particular, the SEC has identified the services corresponding to the definition of the exchange of digital assets, as defined in section 3 of the emergency decree in Thailand on digital asset activities 2561 (2018). Given that OKX had not acquired the required license, it can therefore face substantial penalties, depending on section 66 of the digital asset decree, according to the dry.

Accusations deposited against nine people for helping the illegal driving of OKX

In addition to the accusations against society itself, the Thai sec also consulted nine people who promoted OKX services and helped its expansion in Thailand. The accused would have used forums such as Facebook, YouTube, Discord, Telegram and Line Openchat to increase the power of OKX and call on new users.

The SEC claims that their actions were equivalent to the “assistance or facilitation” of the unauthorized commercial activities of OKX which are described by the emergency decree as reasons of offense under the emergency decree and the penal code of Thailand. One of these accused, Sarun Boonmesisanga, would have marketed OKX via a Facebook page and a YouTube account named “ลองลงทุน” (long tun), which can be translated by “try to invest”. If this is true, the evidence shows how targeted and deliberate promotions were. Questions arise on the responsibility of influencers and promoters in cryptographic space, in particular with regard to the promotion of unregistered platforms and potentially misleading affirmations.

Thai dry warns investors: “Check before doing business”

In addition to the legal action, the Thai SEC issued a strong warning to investors concerning the dangers of the use of digital active trading platforms. These platforms do not offer adequate protection of investors, which makes people who depend likely to be defrauded, scammed and to have their poorly used funds for money laundering.

The SEC has stressed that investors should check the license status before using a digital asset platform on the official dry website or the mobile application. This is essential to prevent potential financial damage. The SEC has referred to its website and the dry to check the first mobile application to help investors verify the legitimacy of digital asset companies before investing them.

Global repercussions and recall of regulatory pressure

The OKX case in Thailand is part of a broader trend: regulators around the world pay greater attention to crypto exchanges. Governments are trying to find a balance between encouraging innovation in the space of digital assets and ensuring the protection of investors as well as financial stability. This decision shows that regulators are not afraid to act decisively against platforms that do not respect local laws.

OKX is also confronted with legal problems in Thailand, but despite this is developing in other markets and is recent recipient of a market license in Directive II (Mifid II) of markets in financial instruments (Mifid II). He is now awaiting the final approval of the Malta Financial Services Authority (MFSA), a key approval that will allow OKX to provide derived features in the broader European economic field, a strategic decision to enter regulated markets.

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