Thailand Hits OKX with a Lawsuit for Operating Without a License 🇹🇭

🚨 Big News 🚨 – Thailand's SEC is coming for OKX! The country just filed a criminal lawsuit against the popular crypto exchange for running without the proper license. Here's everything you need to know:

What Went Down?

• OKX has been offering digital asset services in Thailand since October 2021… without a license. Yep, they were charging a 0.1% transaction fee and promoting their platform all over social media (Facebook, Twitter, Telegram, YouTube) without getting the necessary approval from the Thai government. 🤯

What's the Legal Issue?

• The SEC claims OKX broke the law by not getting the required license under Thailand's Emergency Decree on Digital Asset Businesses.
• This makes OKX's operations illegal in the country.

Who’s In Trouble?

• It's not just OKX. Nine influencers who helped promote the platform on social media are now facing charges too. Fines or jail time could be in the cards for them! 😬

Why Should You Care?

• The SEC is warning that using unlicensed crypto platforms is super risky. 🚨 You could get scammed or have your funds misused for illegal activities.
• If you’re using crypto exchanges in Thailand, make sure they’re licensed. Always verify first.

What’s Next?

• This lawsuit is part of Thailand’s bigger crackdown on unlicensed crypto platforms. They’ve already gone after Bybit in 2023, and now OKX is feeling the heat. 🔥

How to Stay Safe?

• Always check if a platform is licensed before using it. The SEC has a list of approved exchanges, so make sure you're on the right side of the law! ✅

TL;DR:

The SEC is cracking down on unlicensed crypto exchanges in Thailand, and OKX is the latest target. If you’re trading crypto, make sure you’re using a licensed platform to stay safe. 🙌