Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against Aux Cayes FinTech Co. Ltd., operator of digital asset exchange platform OKX, and nine associated individuals for allegedly running an unlicensed digital asset exchange, the regulator announced.
The complaint, lodged with Thailand’s Economic Crime Suppression Division (ECD), accuses OKX of violating the Emergency Decree on Digital Asset Businesses (2018) by offering digital asset trading without the required licensing.
According to the SEC investigation, on October 15, 2021, OKX provided digital asset trading services through its website, www.okx.com/th, charging a transaction fee of 0.1%.
The platform also promoted its services extensively across social media channels, including Telegram, X (formerly Twitter), and Line OpenChat groups.
The nine individuals named in the complaint reportedly facilitated OKX’s activities by promoting the exchange through various online channels.
Among those accused are Sarun Boonmesrisanga, Nut Joongwong, Kritsana Kritsananuwat, Smithi Charoenmin, Kittithat Benchacharoenpat, Saurawit Sanguanphokai, Akarawath Rujiruangchai, Rachata Chuesaibua, and Varut Vanichayakosol.
Their alleged promotional efforts significantly increased OKX’s user base and market presence, according to the SEC.
“These actions constitute assistance or facilitation in operating a digital asset exchange without proper licensing,” the regulator said. Such actions are subject to penalties outlined under Section 66 of the Emergency Decree, in conjunction with Section 86 of the Criminal Code.
The SEC has emphasized its ongoing cooperation with relevant authorities to ensure enforcement of digital asset laws. The regulator also issued a warning to the public, highlighting the potential risks associated with unlicensed digital asset operators, including fraud and financial losses due to inadequate investor protection.
Investors were advised to verify the licensing status of digital asset service providers through the SEC’s official website or its dedicated mobile application to ensure compliance and safeguard investments.
