The Licensed List (and the Banned One)
The reference page worth bookmarking: who holds Thai SEC licences, who's suspended, who's blocked — plus the three-step self-verification routine to run before you ever send money.
- Based on the official SEC register
- Suspension & block status included
- DIY verification steps
Last verified: 20 October 2026 — re-confirm at sec.or.th before transacting
Thai digital-asset licences are granted by the Minister of Finance on the SEC's recommendation, split by business type (exchange, broker, dealer and more) and by asset class (cryptocurrency vs digital tokens). The table lists the main operators serving retail users.
Licensed operators in Thailand
| Operator | Licence type | Status | Notes |
|---|---|---|---|
| Bitkub Online | Exchange | Operating | Market leader, deepest THB liquidity |
| Orbix Trade | Exchange | Operating | Kasikornbank group (formerly Satang Pro) |
| Gulf Binance (Binance TH) | Exchange + broker | Operating | Gulf × Binance JV; NDID required |
| Upbit Exchange (Thailand) | Exchange + broker | Operating | Korean Upbit group; 160+ coins |
| GMO-Z.com Cryptonomics | Exchange + broker | Operating | Japanese GMO group |
| Waan Exchange | Exchange + broker | Operating | Smaller player |
| InnovestX Securities | Exchange + broker | Operating | SCBX group; stocks + crypto in one app |
| Thai Digital Assets Exchange (TDX) | Token exchange | Operating | Digital token focus |
| Bitazza | Broker | Operating | OTC desk + Freedom card; foreigner-friendly |
| Coins TH | Broker | Operating | Simple buying app |
| Maxbit | Broker | Operating | PTG group; OTC focus |
| Finansia Digital Asset | Broker | Operating | Securities-group affiliate |
| XSpring Digital | Broker + dealer | Operating | Institutional and token focus |
| Satoshi (KULAP) | Broker | Operating | Smaller player |
| KuCoin TH (ERX) | Token exchange | Licence returned | Suspended Jan 2026 → capital raise failed; users told to withdraw by 22 Apr 2026; licence returned to the Ministry of Finance 25 Apr 2026 |
Platforms blocked in Thailand
| Platform | Blocked since | Reason |
|---|---|---|
| Bybit | 28 Jun 2025 | Unlicensed operation + criminal complaint |
| OKX | 28 Jun 2025 | Unlicensed operation + criminal complaint |
| CoinEx | 28 Jun 2025 | Unlicensed operation |
| XT.COM | 28 Jun 2025 | Unlicensed operation |
| 1000X | 28 Jun 2025 | Unlicensed operation |
Verify it yourself in 3 steps (every time, before money moves)
- Search the official register — sec.or.th's Digital Asset section or the SEC Check First app, by company name (brands sometimes differ from registered names).
- Compare URLs — scammers clone famous brands on lookalike domains. Type the address yourself or use the official store app.
- Check Investor Alert — the SEC's list of flagged, unlicensed operators. One appearance there ends the evaluation.
How the register moved in 2026 — and the lesson of the first in-system exit
SEC monthly data for mid-2026 lists seven operating exchanges (Bitkub, Gulf Binance, Orbix, TDX, Upbit TH, Waan, GMO-Z.com) following KuCoin TH's market exit — Thailand's first full case study of a licensed wind-down: suspended January 2026 → capital-raise deadline extended to 30 March → raise failed → users given until 22 April, 13:00, to withdraw everything → licence formally returned on 25 April, with post-deadline withdrawals still possible case-by-case through support (custody fees applying after 1 May).
Note the contrast with the unlicensed world: formal orders at every step, clear timelines, and a working exit path for client assets throughout. That's what this page's table is really for — not just "who holds a licence", but "if your venue ever has to shut down, which system do you want to be standing in?"
What will lengthen this page next: the SET digital-asset ETF framework (effective 16 Oct 2026) creates a new class of supervised players — fund issuers and SEC-regulated digital-asset custodians. Once the first fund is approved, we'll add a dedicated tracking section.
FAQ
Where does this list come from?
From the SEC’s published register of licensed digital-asset operators plus official announcements, current to the date shown. Licence statuses change — re-verify at sec.or.th or the SEC Check First app before sending money.
Binance vs Binance TH — which is the legal one?
Binance TH (operated by Gulf Binance) holds the Thai licences. Global Binance has none in Thailand. They are separate companies with separate accounts; moving assets between them is an ordinary blockchain transfer.
Can I use offshore exchanges that aren’t blocked yet?
Technically reachable, but serving Thai users without a licence is illegal on the operator’s side, you get no Thai investor protection, and gains fall outside the tax exemption. June 2025 proved the blocking list can grow at any time.
How do I verify a licence properly?
Three steps: (1) search the company name (not just the brand) in the register at sec.or.th; (2) compare the URL you’re using against the official one — lookalike domains of famous brands are a top scam; (3) check the SEC’s Investor Alert list — if your platform appears there, the conversation is over.
Sources: SEC licensed-operator register (sec.or.th) · blocking announcement 29 May 2025 · ERX/KuCoin TH suspension order Jan 2026 — SEC announcements. Statuses change; always check the latest official source.