The Thailand Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division against Aux Cayes FinTech Co. Ltd., the operator of www.okx.com/th (OKX), and nine individuals who allegedly promoted the platform, for purportedly operating a digital asset exchange business in Thailand without a licence under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). The SEC’s investigation found that OKX provided a digital asset trading system from 15 October 2021, facilitating trading and exchange of digital assets and charging a fee of 0.1% of trading value, while soliciting users through its website and social media channels including Telegram, X and Line OpenChat. The SEC assesses the conduct as falling within the definition of a digital asset exchange business under Section 3 and therefore requiring a licence under Section 26, with penalties under Section 66; it further alleges the nine named individuals assisted or facilitated the unlicensed operation through promotional and sales promotion activities, engaging Section 66 in conjunction with Section 86 of the Criminal Code. The matter now proceeds through investigation by inquiry officials, prosecution by the public prosecutor and adjudication by the court, with the SEC stating it will monitor progress and cooperate with other agencies. The SEC also cautioned that users of unlicensed digital asset businesses are not protected under the law and may face fraud, scams and money-laundering related risks.

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