The Thai Securities and Exchange Commission has filed a criminal complaint for the global exchange of cryptocurrency OKX for an operation without license in the country.
The complaint, which will be dealt with by the division of the abolition of economic crime, said that OKX, operated by Cayes Fintech Co. Ltd., has directed an exchange of digital assets without license since October 15, 2021.
The SEC said OKX had promoted its platform and collected transaction costs and is therefore subject to criminal sanctions.
Nine individuals are also accused of promoting the platform without license on social networks, according to the financial advice Kapronasia.
The SEC also said that KM had not implemented an adequate verification of the identity of users and the anti-money laundering protocols, potentially putting Thai investors in danger.
|
OKX application on a smartphone. X photo |
The exchange has not complied with the declaration requirements, hampering regulatory monitoring.
If it is found guilty, OKX and the people involved are able to two to five years in prison, fines ranging from 200,000 to 500,000 baht (US $ 5,890 14,630) and a daily fine of 10,000 baht (US $ 293) until they meet regulatory requirements, Thanh Nien Reported on the newspaper.
The action is part of the repression of the dry on the exchanges of unsuccessful cryptography.
In 2021, he even filed a complaint for Binance, the largest crypto exchange in the world, to operate without license. Binance later joined Gulf Energy to launch a regulated platform in Thailand.
In December 2023, the SEC took measures against Bybit for the same reason.
OKX faced a regulatory examination on other markets and established a payment of $ 504 million with the United States government for money transmission activities without license.
