Thailand's Ban on Foreign P2P Crypto Platforms: What You Need to Know in 2026

Thailand didn’t just tighten rules on crypto - it shut the door on foreign peer-to-peer (P2P) platforms entirely. By June 2025, five major exchanges were completely blocked from operating in the country. If you were using Bybit, OKX, CoinEx, XT.COM, or 1000X to trade crypto from Thailand, you lost access overnight. No warning. No grace period beyond a single month. This wasn’t a slow crackdown. It was a clean sweep.

Why Thailand Pulled the Plug

The Thai Securities and Exchange Commission (SEC) didn’t act because crypto was dangerous. It acted because unlicensed foreign platforms were becoming a playground for scammers. Money laundering, phishing scams, and fake investment schemes were booming on these sites. Thai users were losing life savings. The government saw a pattern: foreign crypto firms set up shop without registering, ignored Thai laws, and vanished when things got hot.

The SEC’s goal? Protect everyday people. Not to kill innovation. Not to ban crypto. But to make sure every platform serving Thai users had to play by local rules. That meant licensing. That meant KYC checks. That meant reporting suspicious activity - just like banks do.

The Legal Framework: Two Royal Decrees, One Message

On April 13, 2025, two emergency decrees dropped. They weren’t suggestions. They were orders.

The first, Royal Decree on the Operation of Digital Asset Businesses (No. 2), said: if you’re a foreign crypto platform and you’re marketing to Thai users - even just through Instagram ads or YouTube influencers - you need a license from the SEC. No exceptions. No loopholes. If you didn’t apply, you were illegal.

The second, Royal Decree on Measures to Prevent and Suppress Technology Crimes (No. 2), gave the Ministry of Digital Economy and Society (MDES) the power to block websites without a court order. No judge. No delay. Just a signal from MDES, and the internet providers cut access. Bybit, OKX, and the others went dark on June 28, 2025.

Who Got Blocked? The Big Five

These weren’t obscure platforms. These were top-10 global exchanges:

• Bybit - One of the largest derivatives traders in Asia.
• OKX - A giant with over 100 million users worldwide.
• CoinEx - Popular for low-fee trading and altcoins.
• XT.COM - Known for aggressive P2P promotions in Southeast Asia.
• 1000X - A newer platform that exploded in Thailand with influencer marketing.

The SEC announced the list on May 29, 2025. That gave users just 30 days to withdraw their funds. Many didn’t make it. Some users reported being locked out of their accounts when they tried to cash out. Others saw withdrawal limits suddenly dropped to $100 per day. The message was clear: if you didn’t act fast, your crypto might be gone.

Who Else Got Dragged Into This?

Thailand didn’t stop at crypto platforms. It went after the whole ecosystem.

Commercial banks had to monitor transactions for signs of crypto-related fraud. If a customer sent money to a blocked exchange and it turned out to be a scam, the bank could be held liable if they didn’t flag it.

Telecom companies like AIS and TrueMove H had to block access to the banned sites at the network level. If they didn’t, they risked fines.

Even social media platforms like Facebook, TikTok, and Line were told: stop promoting these platforms. If your ad campaign led Thai users to Bybit, you could be fined. The rules now say: if you enable crime, you’re part of the crime.

What About Thai Crypto Exchanges?

Here’s the twist: Thailand didn’t ban crypto. It just made it local.

Platforms like Bitkub and Zipmex Thailand are still fully operational. They’re licensed. They follow Thai AML/KYC rules. They report every transaction. They even offer Thai baht deposits through local banks.

Thai users can still trade Bitcoin, Ethereum, and dozens of other tokens - but only through these regulated exchanges. The government even plans to launch its own digital asset: the G Token. A government-backed token tied to bonds, worth 5 billion baht ($150 million), set to be issued in late 2026.

This isn’t anti-crypto. It’s pro-control.

The Fallout: What Users and Businesses Lost

For users, it was chaos. Many had large holdings on Bybit or OKX. Some had staked assets, used margin trading, or held tokens that couldn’t be easily transferred. One Reddit user from Bangkok said he lost over 12 BTC because he couldn’t withdraw before the deadline. His account was frozen.

For businesses, it was worse. Thai startups that accepted crypto payments from overseas clients now had to route all transactions through licensed Thai exchanges. That added days to payments. It added fees. It added compliance headaches.

A Thai fintech founder told reporters: “We used to send payments to Indian vendors in USDT. Now we have to convert to THB, send through a licensed exchange, wait three days for clearance, then convert back. It’s a nightmare.”

Is Crypto Still Legal in Thailand?

Yes. But only if it’s on a licensed platform.

Crypto isn’t money. It’s not legal tender. But it is a legal digital asset - under strict rules. You can buy, sell, and hold Bitcoin. Just not on a foreign app. Not on an unlicensed P2P site. Not through a Telegram bot.

The SEC made it clear: if you’re not licensed in Thailand, you’re not allowed to serve Thai customers. Period.

What’s Next? The Ripple Effect

Other countries are watching. Indonesia, Malaysia, and Vietnam are all considering similar moves. Thailand’s model - block foreign platforms, license local ones, tie banks and telcos into enforcement - is becoming a template.

The big question: does this stop crime? Early data suggests yes. Scam reports related to foreign crypto platforms dropped by 74% in the six months after the ban, according to Thailand’s Anti-Cybercrime Bureau.

But it also stopped innovation. Some Thai developers left the country to build crypto tools in Singapore or Dubai. Investors paused funding local startups, unsure if the rules would change again.

Thailand chose security over speed. And for now, that’s the trade-off.