EEA MiCA-licensed crypto exchanges are being banned in Thailand for failing to prevent AML and fraud

Bybit and OKX, along with three other exchanges, are about to be banned in Thailand for failing to prevent AML and fraud, yet both have managed to secure MiCA licenses.

Bybit and OKX hold a MiCA license, which allows them to operate in all 30 countries in the European Economic Area (EEA).

• Bybit got its MiCA license through Austria last month, and
• OKX got its MiCA license from Malta in January.

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Thailand’s financial regulators have blocked access to five major crypto exchanges to curb local money laundering.

• The changes will come into play next month, with OKX and Bybit among the axed platforms.
• Despite the hit to local exchanges, Thailand continues to explore ways to innovate within the digital assets sector.
• Earlier this week, Thailand officials announced a potential initiative allowing tourists to spend crypto via a debit card at local merchants.
• As much of the world begins pondering progressive crypto regulation, Thailand has dealt a significant blow to its local industry, banning five big trading platforms from operating within the nation.

Thailand’s Securities and Exchange Commission slashed 1000X, OKX, Coinex, Bybit and XT earlier today.

• The move will become official on June 28th, when the country’s Ministry of Digital Economy will block exchange access.
• Just over a year ago, Thailand’s SEC hinted at such a policy when it began targeting ‘unlicensed crypto exchanges’ in response to rising digital crime.
• Now, the regulators have brought the hammer down on five of the nation’s popular exchanges as a preventive measure against money laundering.
• This is to protect investors and stop using unauthorised digital asset trading platforms as a money laundering channel.
• Despite a potential step backwards for the Thailand crypto industry, the government hasn’t been as crypto-averse as the news suggests.
• Just a few days ago, the nation announced they are planning to greenlight crypto-loaded debit cards for tourists.
• Vendors within the region will still receive Thailand’s fiat currency – the Thai baht – while international travellers can link their crypto holdings.
• Additionally, Thailand’s Finance Minister spoke of potential reforms coming to the current regulatory framework surrounding capital markets.
• Part of this shifting regulation includes issuing USD 150 million (AUD 233 million) tokenised Government bonds for retail investors.

Source

• https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=11796
• https://cryptonews.com.au/news/thailand-bans-five-major-crypto-exchanges-to-tackle-money-laundering-129262/