The Thai Securities and Exchange Commission (SEC) has filed a lawsuit against OKX, alleging that the cryptocurrency exchange operated without proper licensing and violated Thailand’s Emergency Decree on Digital Asset Businesses.
The case involves nine individuals accused of promoting OKX’s services, which authorities claim contributed to the platform’s expansion in Thailand despite lacking regulatory approval.
The SEC alleges that OKX failed to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, exposing users to potential financial risks. The exchange reportedly charged a 0.1% transaction fee while actively promoting its services through social media platforms, including Telegram, X (formerly Twitter), and Line OpenChat.
According to the SEC, OKX began operating in Thailand on October 15, 2021, without obtaining the necessary licenses. The regulator argues that the exchange’s activities violated Section 66 of the Emergency Decree, which mandates that digital asset businesses must be licensed to ensure investor protection and financial transparency.
The lawsuit names nine individuals who allegedly facilitated OKX’s expansion by promoting its services online. Among them are Sarun Boonmesrisanga, Nut Joongwong, and Kritsana Kritsananuwat, who reportedly engaged in marketing efforts that helped OKX attract Thai users. The SEC contends that their promotional activities constituted illegal assistance in operating an unlicensed digital asset exchange.
Shogun Lin
