The Thailand Securities & Exchange Commission (SEC) issued an alert following reports that the Bybit digital asset exchange was hit by a cyberattack with losses exceeding USD 1.4 billion, stating that no digital asset (DA) business operators in Thailand are currently using the Bybit platform and are therefore not affected. The SEC also reiterated its expectations that DA business operators safeguard clients’ digital assets with a primary emphasis on security. Under SEC rules, DA business operators must account for risks of fraud and cyber theft and are prohibited from providing digital-asset-related services through operators that are subject to SEC criminal complaints or legal proceedings for unlicensed digital asset business operations. The SEC noted it filed a criminal complaint against Bybit Fintech Limited on 22 December 2023 for operating a digital asset exchange without a license, meaning DA business operators are prohibited from depositing clients’ assets with Bybit, and referenced prior coordination with the Ministry of Digital Economy and Society to restrict access to unlicensed platforms. The SEC also warned the public and investors to exercise caution when using unlicensed DA service providers, citing lack of legal protection and exposure to scam and money laundering risks, and pointed to its channels for checking licensed operators and investor alerts.

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