- Thai SEC files charges against OKX and nine individuals for unlicensed operations.
- OKX’s activities violated Thailand’s Emergency Decree on Digital Asset Businesses.
- SEC warns the public about the risks of using unlicensed digital asset platforms.
Thailand’s Securities and Exchange Commission (SEC) has initiated a criminal complaint against Aux Cayes Fintech Co. Ltd., the operator of the OKX digital asset exchange, along with nine individuals for allegedly operating without the necessary license. The complaint, which was filed with the Economic Crime Suppression Division (ECD), follows a thorough investigation by the SEC.
SEC’s Findings and Charges
The SEC’s investigation revealed that on October 15, 2021, OKX provided digital asset trading services via its Thai website. The platform charged a transaction fee of 0.1% and promoted its services through multiple social media platforms, including Telegram, X (formerly Twitter), and Line OpenChat.
The SEC established that OKX operations matched the digital asset exchange criteria set forth in Section 3 of the Thailand Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). Section 26 of the Decree states that the platform needed a required license to function but lacked this essential authorisation. The SEC stated that by taking such actions OKX became subject to fines under Section 66 of the same Decree.
The complaint also names nine individuals who allegedly helped promote OKX’s services. These individuals reportedly supported the platform through various online channels, including Facebook, YouTube, Discord, Telegram, and Line OpenChat. Their promotional activities played a role in expanding the platform’s reach and user base.
Legal Process and Public Warnings
The SEC claims that these individuals were complicit in facilitating OKX’s unlicensed operations, which is considered an offense under the Emergency Decree and Thailand’s Criminal Code. The charges against these individuals further demonstrate the broad nature of the alleged unlicensed activities.
The criminal complaint signals the beginning of legal proceedings, including potential prosecution and court hearings. The SEC stated it will collaborate with relevant authorities to ensure proper enforcement of the law.
The regulator notified the public about the dangerous risks associated with unregistered digital asset platform usage. Such platforms bypass investor protection laws which leads investors to worry about fund misuse and potential cases of fraud. Investors should check the licensing status of digital asset platforms by using the SEC mobile application or website to prevent potential security threats.
