Thailand: Securities and Exchange Commission filed criminal complaint against XT for operating digital asset exchange business without license

On 21 March 2025, the Securities and Exchange Commission (SEC) filed a criminal complaint against XT.com with the Economic Crimes Suppression Division for operating a digital asset exchange business without a licence. Under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), digital asset businesses are required to obtain a licence. According to the SEC, XT.com provided a digital asset trading system, charged service fees, and promoted its services to users in Thailand through Thai-language social media and physical events. The SEC stated that these activities fall within the scope of a digital asset exchange business as defined in Section 3 of the Decree. Operating without a licence is punishable under Section 26 and subject to penalties under Section 66, including imprisonment for 2 to 5 years and a fine of THB 200'000 to 500'000.