😱 Thailand 🇹🇭: The Securities Commission (SEC) files criminal charges against OKX 🇨🇳 for operating without a license

😱 Thailand 🇹🇭: The Securities Commission (SEC) files criminal charges against OKX 🇨🇳 for operating without a license

The Securities and Exchange Commission (SEC) of Thailand has initiated legal action against OKX, along with nine other individuals, for operating in the country’s cryptocurrency market without the required license. The lawsuit centers around the offering of digital services through a Thai site since 2021.

➡️ Violation: Without regard for local regulations, the Chinese operators promoted their services on platforms like Telegram and X, charging a 0.1% commission per transaction to Thai customers, without informing the regulator about their activities.

➡️ The SEC has stated that this behavior constitutes a severe violation of Article 26 of the “Emergency Decree on Business in Digital Asset BE 2561” from 2018.

➡️ The accused could face up to 5 years in prison and fines ranging from 5,894 to 14,737 USD. Furthermore, the company involved could be fined 295 USD per day until it complies with legal requirements.

➡️ Context: This case is similar to the 2024 investigation of Bybit, another cryptocurrency platform that also tried to operate without a license in Thailand. You can read more about how the regulator worked to limit P2P cryptocurrencytransactions last year here.

#news #Asia #China #crypto

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