The Thailand Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division against the operator of XT.COM, alleging it operated a digital asset exchange business in Thailand without a licence under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). The SEC found that XT.COM provided a digital asset trading system facilitating the trading and exchange of digital assets while charging fees, and promoted and solicited Thai users via Thai-language social media channels and by setting up booths at events in Thailand. The conduct was assessed as potentially constituting a digital asset exchange business under Section 3, in breach of the licensing requirement in Section 26 and subject to offences and penalties under Section 66. Following the complaint, the matter is expected to proceed through investigation, prosecution and court adjudication, with the SEC stating it will monitor progress and cooperate with relevant agencies. The SEC also cautioned investors that using unlicensed digital asset businesses may leave them without legal protection and exposed to fraud, scams and potential misuse of funds, and noted that licence status can be checked via its website and the SEC Check First application.

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