The Securities and Exchange Commission (SEC) of Thailand has initiated a criminal lawsuit against the global cryptocurrency exchange OKX, asserting that the platform has been conducting operations in the country without the necessary licensing since October 15, 2021.
The complaint indicates that OKX, which is managed by Aux Cayes Fintech Co. Ltd., has unlawfully provided digital asset exchange services to users in Thailand.
According to the SEC, the platform has been charging transaction fees and promoting its services without having obtained regulatory consent, actions that are subject to criminal consequences.
Thailand’s Economic Crime Division to Probe OKX Case
The Economic Crime Suppression Division will oversee the investigation into this matter.
In addition to the exchange itself, nine individuals are also facing accusations for promoting OKX’s unlicensed operations via social media, as reported by financial consultancy firm Kapronasia.
Thai regulators have highlighted that OKX neglected to implement sufficient know-your-customer (KYC) and anti-money laundering (AML) measures, which may have increased financial risks for local investors and compromised regulatory oversight.
If found guilty, both OKX and the implicated individuals could face prison sentences ranging from two to five years, fines between 200,000 and 500,000 baht (approximately $5,890–$14,630), and a daily penalty of 10,000 baht ($293) until they achieve compliance, according to Thanh Nien.
Thailand's SEC has filed a criminal complaint against OKX operator Aux Cayes FinTech and nine individuals for offering crypto trading services without a license, violating the 2018 Digital Asset Business Decree. OKX reportedly served Thai users since 2021 via its website and…
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This legal action aligns with Thailand’s SEC’s broader initiative to enhance regulation of digital asset platforms.
In recent years, the regulator has undertaken similar enforcement actions against other significant exchanges, such as Binance and Bybit.
Globally, OKX has also been under considerable scrutiny; it recently finalized a $504 million settlement with U.S. regulators for similar unlicensed operations.
In a related development, OKX has brought on former New York Governor Andrew Cuomo as a legal advisor following its $505 million federal settlement with U.S. authorities. Cuomo reportedly began providing advisory services after resigning from the governorship in August 2021.
Additionally, the company has appointed Linda Lacewell as its new Chief Legal Officer. Lacewell, who previously held the position of Superintendent at the New York Department of Financial Services (NYDFS), will now oversee the company’s global regulatory and compliance strategy.
OKX Halts DeFi Services Amid Regulatory and Media Investigations
Recently, OKX announced the temporary suspension of its decentralized finance (DeFi) services, citing escalating media scrutiny and a coordinated attack allegedly involving the North Korean Lazarus Group.
The exchange communicated that while it is usually focused on innovation, it cannot disregard the timing of these recent allegations, especially as it intensifies efforts against financial crime.
This decision comes amid growing competitive pressures and heightened regulatory interest, particularly from the European Union.
The EU is currently investigating OKX over assertions that the platform processed $100 million stemming from the February 2025 Bybit hack, a probe that jeopardizes the exchange’s MiCA license—integral for continuing operations in Europe under the newly established crypto regulatory framework.
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