Thailand's 2025 Ban on Foreign P2P Crypto Platforms: What You Need to Know

Oct 18, 2025

Thailand's 2025 Ban on Foreign P2P Crypto Platforms: What You Need to Know

Thailand's 2025 Ban on Foreign P2P Crypto Platforms: What You Need to Know

Thai Crypto Penalty Calculator

Thai Crypto Compliance Penalty Calculator

Enter details about your crypto activity to understand potential penalties under Thailand's 2025 regulations.

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Important Compliance Note

The Thai SEC requires all crypto services to be licensed. Unlicensed foreign platforms were blocked after June 28, 2025. Use only licensed exchanges like Bitkub or Satang Pro.

In early 2025 Thailand pulled the plug on any foreign peer‑to‑peer (P2P) crypto platform that wasn’t licensed locally. The crackdown, led by the Thai SEC (Securities and Exchange Commission of Thailand), sent shockwaves through the regional crypto scene and left Thai users scrambling to protect their assets.

Why the Ban Happened

The Digital Asset Business Act classifies crypto tokens as “digital assets” and requires every exchange or P2P service that offers them to hold a licence from the SEC. When the Royal Decree No. 2 (2025) was signed on April 13, it expanded the law to explicitly cover foreign platforms that targeted Thai users. The decree gave the Ministry of Digital Economy and Society (MDES) the power to block any unlicensed site without a court order.

SEC Secretary‑General Pornanong Budsaratragoon said the main goal was to reduce money‑laundering risks and curb online scams that were thriving on offshore services. By forcing foreign operators to obtain a local licence, the government hoped to bring all transactions under Thai AML/KYC surveillance.

How the Ban Was Enforced

On May 29, the SEC announced a one‑month notice for users of five major foreign exchanges: Bybit, 1000X, CoinEx, OKX and XT.COM. The deadline to withdraw or transfer assets was June 28, 2025. After that date, internet service providers, banks and telecom companies were ordered to block access to the sites.

Violating the ban can lead to up to three years in prison, a fine of 300,000 baht (≈ $8,700 USD), or both. Operators of unlicensed platforms face the same penalties, plus the possibility of having their assets seized.

What the Ban Means for Thai Users

For anyone holding crypto on a foreign P2P service, the immediate steps were:

  • Log in before the deadline and check balances.
  • Withdraw to a locally licensed exchange (e.g., Bitkub or Satang Pro).
  • Move funds to a Thai bank account that now requires AML/KYC verification for crypto‑related transfers.

Those who missed the window saw their accounts frozen, and some reported delayed payouts as the platforms worked with the SEC to reverse transactions.

Thai user at desk checking a countdown clock and withdrawing crypto from foreign platforms.

Impact on the Regional Crypto Market

Thailand’s move essentially closed the door on cross‑border P2P settlements. Companies that relied on quick, low‑cost transfers between Thailand and neighbours like India or Vietnam now have to route payments through a licensed Thai intermediary. That adds compliance layers, increases transaction costs, and can stretch settlement times from minutes to days.

Market data from CoinMarketCap showed a 12 % drop in trading volume for the affected exchanges in the Thai market within two weeks of the ban. Bybit and OKX, both heavy users in Southeast Asia, reported a 30 % decline in Thai‑originated trades.

Thailand’s Dual Strategy: Crackdown + Innovation

While the crackdown sounds harsh, the government is simultaneously championing home‑grown blockchain projects. In May 2025 the Treasury announced a plan to issue 5 billion baht of “G Tokens,” a government‑backed digital asset tied to public debt. The move signals that Thailand still wants to be a blockchain hub-just under tight regulatory guard.

Future initiatives include a blockchain‑based securities trading platform and a sandbox for fintech startups. The SEC’s updated rules now require any crypto‑related service-banks, telecoms, even social‑media apps-to report suspicious activity, effectively spreading the compliance burden across the whole digital ecosystem.

Government hall showing G Token launch and fintech sandbox with licensed Thai exchanges.

Checklist for Thai Crypto Participants

  1. Verify that your exchange holds a licence from the Thai SEC.
  2. Complete AML/KYC verification with your chosen platform.
  3. Keep a record of all withdrawals and deposits for tax reporting.
  4. Monitor official SEC announcements for any further regulatory tweaks.
  5. Consider diversifying across multiple licensed providers to avoid single‑point risk.

Comparison of Penalties and Enforcement Tools

Penalties and Enforcement Mechanisms for Unlicensed Crypto Operations in Thailand (2025)
Violation Maximum Prison Term Maximum Fine (Baht) Enforcement Agency
Operating an unlicensed foreign P2P platform 3 years 300,000 Thai SEC
Failing to block a prohibited site (ISPs, banks) 2 years 250,000 MDES
Facilitating money‑laundering via crypto 5 years 500,000 Royal Thai Police / SEC

Frequently Asked Questions

Can I still use a foreign crypto exchange if I’m a Thai resident?

No. Under the 2025 Royal Decree, any platform that offers services to Thai users must hold a licence from the Thai SEC. Unlicensed foreign services are blocked and accessing them can lead to legal penalties.

What happens to crypto I left on a banned platform after June 28 2025?

The platform is required to freeze the accounts and cooperate with the SEC to return the assets to a licensed Thai exchange. Users who missed the one‑month notice may face delays while the process is resolved.

Are Thai banks now responsible for crypto‑related scams?

Yes. The updated framework holds banks, telecoms and even social‑media apps liable if they fail to report or block known crypto scams. They could be fined up to 250,000 baht and face imprisonment.

How can I verify that an exchange is licensed?

The SEC publishes a publicly accessible list of licensed digital‑asset businesses on its website. Look for the licence number and cross‑check it with the exchange’s “About” page.

Will the ban affect the price of Thai baht‑denominated crypto assets?

Short‑term volatility is expected as users shift funds to local platforms. However, the overall market depth remains strong thanks to continued domestic innovation and the upcoming G Token issuance.

Thailand crypto ban marks a decisive step toward tighter control of digital assets while still nurturing home‑grown blockchain projects. For traders, investors and businesses, the key is to stay compliant, keep an eye on SEC updates, and use only licensed Thai exchanges moving forward.

1 Comments

Marina Campenni
Marina Campenni
October 18, 2025

Thanks for laying out the timeline so clearly.

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