Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against Aux Cayes Fintech Co. Ltd., the operator of the OKX digital asset exchange platform in Thailand, and nine individuals for allegedly running a digital asset exchange without the required license.
The complaint, filed with the Economic Crime Suppression Division (ECD), follows a referral and further investigation by the SEC.
The regulator found that on 15 October 2021, OKX offered digital asset trading services through its Thai website, charging a transaction fee of 0.1% and promoting its services across various social media platforms, including Telegram, X (formerly Twitter), and Line OpenChat.
The SEC stated that these activities fall under the definition of a digital asset exchange business under Section 3 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).
OKX allegedly operated without a license, violating Section 26 of the Decree and facing penalties under Section 66.
The nine individuals named in the complaint are accused of supporting and promoting OKX’s services through online channels such as Facebook, YouTube, Discord, Telegram, and Line OpenChat.
According to the SEC, their involvement helped increase the platform’s reach and user base, amounting to assistance in unlicensed operations, which is also an offense under the Emergency Decree and the Criminal Code.
The complaint marks the beginning of a formal legal process involving investigation, prosecution, and potential court proceedings.
The SEC said it will cooperate with relevant authorities to support enforcement efforts.
The regulator also warned the public to be cautious when dealing with unlicensed digital asset operators, noting that such platforms are not covered by investor protection laws and may pose risks including fraud and misuse of funds.
Investors are encouraged to verify licensed platforms on the SEC’s website or its mobile application.
Featured image credit: Edited from Freepik
