Is it illegal to run a crypto exchange in Thailand without a licence?

Yes. Operating a digital asset exchange business without a licence breaches section 26 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), with the offence and penalty under section 66.

Can directors be held liable?

Yes. In SEC news No. 215/2026 the SEC named the authorised directors responsible for operations at the time, who are liable as the company is under section 94 of the Emergency Decree.

What did the SEC treat as signs of a Thai exchange business?

Users matching their own orders on the platform, fees charged as a regular business, service in Thai, and promotion through events in Thailand and online.

How can investors check whether a platform is licensed?

On the SEC website's list of licensed operators, in the SEC Check First app, and on the SEC's Investor Alert list of persons that are not supervised operators.

Unlicensed Crypto Exchanges in Thailand: Complaint and Block

What happened

On 7 October 2026 the SEC announced that it had filed a criminal complaint with the Economic Crime Suppression Division against a company and four individuals for operating a digital asset exchange business without a licence, in breach of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (SEC news No. 215/2026). The conduct ran from December 2021 to September 2022. The SEC also sent the platform's details to the Ministry of Digital Economy and Society, and the public will not be able to reach the platform from 7 November 2026.

What made it an exchange business

Users matched their own orders. The platform let users trade or exchange digital assets by matching their own buy, sell or exchange orders on it.
Fees as a regular business. The operators charged fees in the ordinary course of business.
Aimed at Thailand. The service was offered in Thai and promoted through events at places in Thailand and through online channels.
No licence. Operating a digital asset exchange without a licence breaches section 26 of the Emergency Decree, with the offence and penalty under section 66, read with section 83 of the Criminal Code on joint offenders.

Who answers for it

The company and the people who ran the service. The complaint names the company and two individuals who provided the service with it.
The directors at the time. Three people who were authorised directors and responsible for the company's operations during the period are liable as the company is, under section 94 of the Emergency Decree. One of them also ran the service, so five parties are named in total.
What happens next. After the SEC's complaint, the case goes to police investigation, the public prosecutor's decision on whether to prosecute, and then the courts. The SEC says it will follow the case and work with the agencies involved.

Where it sits on the map

A digital asset exchange needs a licence under section 26 of the Emergency Decree, granted by the Minister of Finance on the SEC's recommendation, and the SEC supervises. Running one without a licence is a criminal matter that the SEC takes to the police. Blocking sits outside the licensing map: under the Emergency Decree on Measures for the Prevention and Suppression of Technology Crimes (No. 2) B.E. 2568 (2025), as the SEC describes it, the Ministry of Digital Economy and Society has power to order access to unlicensed digital asset trading platforms blocked. The SEC supplies the information; the Ministry blocks.

Figure 8Thailand's financial regulatory landscape — the SEC pathThe regulator recommends; for most licence families the Minister of Finance signs. AMLO's duties and the PDPA apply across every row. As of October 2026. See the full map and table

What it means if you are applying

Check your Thai footprint. Thai-language service and promotion in Thailand were part of what the SEC described. A platform that serves Thai users this way needs a licence before it starts, not after.
Directors carry it personally. Authorised directors responsible for operations at the time are named in the complaint alongside the company.
Time does not close the file. The conduct ended in 2022; the complaint and the block came in 2026.
The public can check you. The SEC points investors to its list of licensed operators, the SEC Check First app and its Investor Alert list of persons that are not supervised operators.

The full map, the who-regulates-what table and every source are on the landscape page.

Frequently asked questions

Is it illegal to run a crypto exchange in Thailand without a licence?: Yes. Operating a digital asset exchange business without a licence breaches section 26 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), with the offence and penalty under section 66.
Can directors be held liable?: Yes. In SEC news No. 215/2026 the SEC named the authorised directors responsible for operations at the time, who are liable as the company is under section 94 of the Emergency Decree.
Who blocks unlicensed crypto platforms in Thailand?: The Ministry of Digital Economy and Society, using powers under the Emergency Decree on Measures for the Prevention and Suppression of Technology Crimes (No. 2) B.E. 2568 (2025), as described by the SEC. The SEC sends the platform's details; in this case access is blocked from 7 November 2026.
What did the SEC treat as signs of a Thai exchange business?: Users matching their own orders on the platform, fees charged as a regular business, service in Thai, and promotion through events in Thailand and online.
How can investors check whether a platform is licensed?: On the SEC website's list of licensed operators, in the SEC Check First app, and on the SEC's Investor Alert list of persons that are not supervised operators.

Sources

Accessed and last reviewed 21 October 2026. Each figure and table cell is traced to a source above.

All insights

Running a crypto exchange in Thailand without a licence: a criminal complaint, then a block