Will the Thai SEC regulate, or will OKX get into something? Let's understand them.

Action on OKX by Thailand SEC

     The Securities and Exchange Commission (SEC) of Thailand has filed a criminal complaint against OKX operator Ox Case Fintech and nine individuals for violating the 2018 Digital Asset Business Decree by operating a digital asset exchange without a licence.

What will OKX do now?

     OKX may now be forced to shut down its services in Thailand or offer "gifts" to appease SEC officials. OKX had previously exited the Indian market due to heavy taxation, but Thailand doesn't face such significant issues. OKX cannot afford to leave every market and will likely need to adopt some strategy to remain operational.

Impact on the crypto industry in Thailand

     SEC's regulatory action against a major exchange like OKX will serve as a warning to other crypto exchanges and service providers in Thailand. Other platforms will either comply with the SEC's instructions or appease them, or just exit the market. With the SEC's policies now in effect, they all will have to make a decision.

Originally Published at Wubits