Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against global cryptocurrency exchange OKX, alleging it has been operating in the country without the required license since October 15, 2021.
According to the complaint, OKX, operated by Aux Cayes Fintech Co. Ltd., has been offering digital asset exchange services to Thai users unlawfully.
The SEC said the platform collected transaction fees and promoted its services without regulatory approval, actions that fall under criminal penalties.
Thailand’s Economic Crime Division to Investigate OKX Case
The case will be investigated by the Economic Crime Suppression Division.
Alongside the exchange, nine individuals have also been accused of promoting OKX’s unlicensed platform on social media, as noted by financial consultancy Kapronasia.
Thai authorities have also flagged OKX for failing to implement adequate know-your-customer (KYC) and anti-money laundering (AML) procedures.
The lapse could have potentially exposed Thai investors to financial risks and undermined regulatory oversight.
If convicted, OKX and the individuals involved could face two to five years in prison, fines between 200,000 and 500,000 baht (approximately $5,890–$14,630), and a daily fine of 10,000 baht ($293) until compliance is met, according to Thanh Nien.
The enforcement move is part of a broader effort by Thailand’s SEC to tighten control over digital asset platforms.
In previous years, the regulator has taken similar actions against other major exchanges, including Binance and Bybit.
OKX has also faced scrutiny globally, having reached a $504 million settlement with U.S. authorities for unlicensed operations.
Recently, OKX enlisted former New York Governor Andrew Cuomo as a legal advisor amid its $505 million federal settlement with U.S. authorities.
Cuomo, a licensed New York attorney, reportedly began advising OKX following his resignation from the governorship in August 2021.
Prior to that, the exchange also appointed Linda Lacewell as its new Chief Legal Officer, the company announced.
Lacewell, who previously served as the Superintendent of the New York Department of Financial Services (NYDFS), will oversee the company’s global regulatory and compliance strategy.
OKX Suspends DeFi Services Amid Media Scrutiny and EU Regulatory Pressure
Last month, OKX temporarily suspended its decentralized finance (DeFi) services, citing intensified media scrutiny and a coordinated attack allegedly involving the North Korean Lazarus Group.
The company stated that while it typically remains focused on innovation, it could not ignore the timing of these accusations, especially as it steps up efforts to combat financial crime.
The move came after increasing competitive pressure and regulatory attention, particularly from the European Union.
OKX’s decision comes as EU regulators investigate the platform over claims of laundering $100 million from the February 2025 Bybit hack.
The probe threatens the exchange’s MiCA license, which is essential for operating in Europe under the new crypto regulatory framework.
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