Is Bybit Working in Thailand? 2026 Answer

Is Bybit Working in Thailand? The Direct Answer

No. Bybit is not working in Thailand as of June 28, 2025. Thailand’s Securities and Exchange Commission (SEC) has blocked access to Bybit, OKX, CoinEx, 1000X, and XT.COM due to unlicensed operations under the Digital Asset Business Act B.E. 2561 (2018). If you’re in Thailand and currently holding funds on Bybit, you must withdraw your assets immediately – the platform is no longer accessible to Thai residents.

This comprehensive guide explains why Bybit was blocked, what happened to users, and which SEC-licensed alternatives you can legally use in Thailand today.

Contents

Why Is Bybit Blocked in Thailand? The Regulatory Breakdown

The Official Decision

On May 29, 2025, Thailand’s Securities and Exchange Commission announced that Bybit and four other major cryptocurrency exchanges would be blocked from operating in the country effective June 28, 2025. The decision was based on a critical regulatory violation: Bybit was operating without a valid license under Thailand’s Digital Asset Business Law.

Under Thailand’s current regulatory framework, any digital asset exchange offering services to Thai users must obtain explicit licensing from the SEC. This includes:

Offering trading platforms with Thai-language interfaces
Accepting Thai Baht (THB) payments
Conducting marketing to Thai users
Having contractual references to Thai law

Bybit violated all these requirements, making it an unlicensed digital asset operator under Thai law.

The Legal Authority Behind the Ban

The blocking authority derives from the Royal Decree on Measures for the Prevention and Suppression of Technology Crime (No. 2) B.E. 2568, which came into effect on April 13, 2025. This law granted the Ministry of Digital Economy and Society (MDES) the power to block unauthorized online services offering illegal financial activities.

The SEC’s formal charge against Bybit cited violations of the Digital Asset Business Act and filed complaints with the Economic Crime Suppression Division for money laundering concerns. Thailand’s government emphasized that unauthorized platforms posed risks of fraud, money laundering, and insufficient anti-money laundering (AML) and Know Your Customer (KYC) protections.

Why Thailand Tightened Crypto Regulations

Thailand is not alone in cracking down on unlicensed exchanges. The country’s regulatory environment has evolved significantly:

2018: Thailand passed the original Digital Asset Business Decree, establishing the SEC’s oversight role
April 2025: Cabinet approved amendments expanding the SEC’s jurisdiction to include foreign platforms targeting Thai users
June 28, 2025: The block against five major exchanges became effective

The government’s stated goal is to balance innovation with investor protection. Thailand wants to attract legitimate crypto businesses while preventing unregulated platforms from facilitating financial crimes. This is why the government simultaneously:

Approved stablecoin listings (USDC and USDT) for licensed exchanges in March 2025
Implemented a crypto tax waiver on capital gains until the end of 2029 for trades on licensed platforms
Developed plans for digital securities and blockchain-based trading platforms

What Happened to Bybit Users in Thailand?

The Impact on June 28, 2025

On June 28, 2025, Thai internet service providers began blocking access to Bybit’s servers. Thai users attempting to log into Bybit encountered:

Login failures: Authentication servers rejected requests from Thai IP addresses
Account access restrictions: Existing accounts became unreachable
Withdrawal limitations: After the block, users couldn’t access their funds through the platform’s standard interface

The SEC explicitly warned users: “The SEC advises all investors using these platforms to take necessary action regarding their assets before the shutdown date.“

What Users Should Have Done (and What They Can Still Do)

Before June 28, 2025 (Deadline Passed)

Users should have:

Withdrawn all crypto assets to personal wallets or alternative exchanges
Converted remaining balances to other cryptocurrencies or stablecoins
Transferred fiat funds to Thai bank accounts (if applicable)
Downloaded account statements and transaction histories for tax records

After June 28, 2025 (Current Situation)

If you missed the deadline and have funds still on Bybit:

Using a VPN will NOT help. Bybit requires KYC (Know Your Customer) verification with government-issued ID. Once the SEC blocks identified Thai accounts, your identity remains linked to the platform. Using a VPN to mask your location doesn’t change your account’s legal status – Bybit maintains your Thai residential information in their system.

Your options are now limited:

Contact Bybit Support: While access is blocked from Thailand, you may be able to submit withdrawal requests through international channels if you can access Bybit from outside Thailand (using a legitimate address change or traveling abroad)
Consult a Lawyer: If you have significant assets stuck, a Thai cryptocurrency law expert can advise on potential legal remedies or regulatory appeals (though success is unlikely given the clear ban)
Monitor International News: There’s a small possibility Bybit could apply for SEC licensing and re-enter the market, though this seems unlikely given their non-compliance history

Thailand’s Licensed Crypto Exchanges: Your Legal Alternatives

The Complete List of SEC-Approved Exchanges (2025)

Thailand’s Securities and Exchange Commission has licensed nine crypto trading platforms. Here are the major options:

1. Bitkub Exchange – The Market Leader

Features:

Status: Thailand’s largest crypto exchange, first to receive SEC license
Trading Volume: ~$28 billion annually
User Base: 5+ million downloads across iOS, Android, and Huawei
Supported Coins: 100+ cryptocurrencies including Bitcoin and Ethereum
Fiat Options: Direct Thai Baht (THB) integration
Fees: Competitive trading fees, transparent pricing
Mobile App: Dedicated app with dollar-cost averaging (DCA) feature
Support: 24/7 customer service

Verification Levels:

Non-verified: 2 million Baht per day limit
Verified: Up to 50 million Baht per day limit

Why Choose Bitkub:
Bitkub offers the most liquid market, deepest order books, and fastest execution speeds in Thailand. As the original licensed exchange, it has the strongest regulatory relationship with the SEC.

2. Upbit Thailand – The Feature-Rich Alternative

Features:

Status: Licensed by Thai SEC
Supported Coins: 150+ cryptocurrencies
Fees: ~0.25% trading fees
Staking: Available with yields up to 17% (ETH, SOL, ADA, ATOM)
Notifications: Round-the-clock market alerts
Mobile Experience: Sleek, intuitive app interface
Backed By: Global Upbit brand (established exchange)

Why Choose Upbit:
Upbit Thailand is ideal for users interested in passive income through staking. The platform combines simplicity with advanced features, making it suitable for both beginners and experienced traders.

Note on Parent Company Risk: Upbit’s parent company, Dunamu (South Korea), faced regulatory suspension from the Financial Intelligence Unit (FIU) due to KYC violations in 2024. While Upbit Thailand is separately licensed, be aware of this regulatory history.

3. Orbix – The Security-Focused Exchange

Features:

Status: SEC licensed, emphasizes compliance
Security Certifications: Three ISO certifications, SSL encryption, 2FA
Asset Protection: Cold storage for deposits
Audits: Regular security audits conducted
Interface: Mobile-first app design
Custody Model: Custodial exchange (Orbix holds keys)

KYC System:

Tiered verification unlocks higher transaction limits

Why Choose Orbix:
Orbix prioritizes institutional-grade security. If you’re holding large amounts of cryptocurrency, Orbix’s regular security audits and cold storage infrastructure provide peace of mind. However, note that as a custodial exchange, they control your private keys – consider moving larger holdings to a non-custodial wallet for maximum security.

4. Coins.co.th – The Compliant Platform

Features:

Status: SEC-regulated digital asset exchange
Regulation: Full compliance with Thai SEC standards
Focus: User-friendly interface with emphasis on regulatory adherence

5. Additional Licensed Providers

Thailand’s SEC has also licensed:

GMO-Z.com Cryptonomics (Thailand): Major cryptocurrencies, secure asset storage
Maxbit Digital Asset: Tools for beginners and experienced traders
Bitazza: Cross-border ASEAN trading through licensed brokers
KULAP (Satoshi Co., Ltd): Licensed broker connecting to decentralized exchanges
Innovestx Securities: The only securities company licensed for digital asset trading

How to Migrate from Bybit to Licensed Thai Exchanges: Step-by-Step

Phase 1: Prepare Your Migration (Recommended Timeline: ASAP)

Step 1: Export Your Bybit Records

Download all transaction histories, statements, and purchase records
Screenshot portfolio compositions and trade dates
Save this for Thai tax reporting (Revenue Department requires crypto transaction records)

Step 2: Identify Your Assets

List all cryptocurrencies, quantities, and current values
Note stablecoins separately (USDC and USDT are now approved for licensed Thai exchanges)
Calculate total withdrawal value in THB

Step 3: Choose Your Destination Exchange

Compare fees, available coins, and user interface
For most users: Bitkub for familiar Thai experience, or Upbit for global features
Check which coins your chosen exchange supports (not all support the same tokens)

Phase 2: Execute Your Withdrawal

Step 1: Withdraw to Self-Custody (Recommended)

Use your existing hardware wallet (Ledger, Trezor) or software wallet (MetaMask, TrustWallet)
Generate withdrawal addresses for each cryptocurrency you hold
Initiate small test withdrawal first (e.g., $10 equivalent) to verify address correctness
Wait for confirmation (typically 15 minutes to 2 hours depending on network congestion)
After confirmation, withdraw remaining balances in batches to avoid network congestion

Important Security Note: Never share private keys or seed phrases during withdrawal. Legitimate exchanges never request this information.

Step 2: Verify Network Fees

Ethereum (ETH): Current gas fees vary; check before withdrawing
Bitcoin (BTC): Network fees typically 0.0001-0.0005 BTC
Stablecoins (USDT/USDC): Usually low fees on major networks

Step 3: Complete KYC on Your New Thai Exchange

Once you receive funds in your personal wallet:

Register on Bitkub, Upbit, or Orbix (create account with email)
Submit KYC Documentation:
- Government-issued ID (Thai Passport or National ID Card)
- Proof of residence (utility bill, rental agreement dated within 3 months)
- Selfie holding ID (verification pose)
Wait for Approval: Typically 24-48 hours for online verification
Deposit to Licensed Exchange:
- For crypto: Transfer from your personal wallet to the exchange’s deposit address
- For fiat: Thai Baht bank transfer (available on Bitkub, Upbit)

Step 4: Resume Trading

Once funds arrive and KYC is approved, you can begin trading
Set up two-factor authentication (2FA) immediately for security
Bookmark official website URLs (not links from search results) to avoid phishing

Key Questions About Bybit in Thailand – Answered

Can I Still Use Bybit in Thailand with a VPN?

Short Answer: No.

Why VPNs Don’t Work:

Bybit requires KYC (Know Your Customer) verification during account setup. This means:

You must provide a government-issued ID (Passport, National ID Card)
Bybit’s system permanently links your identity to your residence country
A VPN masks your IP address but doesn’t change your KYC profile

When you provided Thai residency documentation during registration, Bybit added your account to their “Thai Users” database. Even with a VPN:

If you try to log in from Thailand, your account remains flagged as Thai
Bybit’s servers can identify and block Thai accounts independently of IP address
Using a VPN to access a blocked account violates both Thai law and Bybit’s terms of service
You risk permanent account suspension and potential asset seizure

The Only VPN Exception:

If you have a non-Thai government ID from a supported country, and you originally registered Bybit with that country’s address, then technically a VPN would restore access. However:

This requires you to have had dual residency at the time of registration
For most Thai users, this option is unavailable

Will Bybit Ever Return to Thailand?

Unlikely in the near future. For Bybit to legally operate in Thailand, it would need to:

Establish a Thai-registered company with local directors
Submit to SEC licensing review and audits
Implement AML/KYC compliance to SEC standards
Maintain Thai bank accounts and comply with Central Bank regulations
Agree to supervisory fees and ongoing regulatory reporting

Given that Bybit chose to exit rather than comply with licensing requirements in 2025, a return seems economically unfeasible. The compliance costs and regulatory burden would reduce profit margins significantly.

The Market Shift:

Thailand is now attracting properly regulated exchanges instead:

KuCoin recently obtained SEC approval (June 2025)
International exchanges are launching Thai-licensed subsidiaries
The government is promoting a “regulated crypto market” narrative

Is Crypto Legal in Thailand?

Yes, but only through licensed exchanges.

Current Status:

Cryptocurrency is legal but not recognized as legal tender
Classified as a “digital asset” requiring SEC licenses for all business operations
Trading must occur exclusively through SEC-licensed platforms
Using crypto as direct payment for goods/services is prohibited
Tax waiver: Capital gains tax exemption for trades on licensed platforms until December 31, 2029

Banned Token Types:

Meme tokens
Fan tokens (sports/celebrity-based)
NFTs (though this may change with future regulations)

What About Tax Implications?

Thailand’s Revenue Department treats cryptocurrency gains as taxable income:

Capital gains: 15% withholding tax normally; 0% until end of 2029 for trades on licensed exchanges
Income tax: Any crypto-related income (mining, staking rewards) taxed at normal rates
Reporting requirement: Must file annual tax returns if crypto gains exceed 20,000 THB in a year

Important: Licensed exchanges are required to report transaction data to Thai tax authorities. The era of anonymous trading is over.

Regulatory Timeline: How We Got Here

2018: The Foundation

Thailand passed the Digital Asset Business Decree B.E. 2561
SEC became the official regulator
Initial 17 tokens approved for trading; most others banned

2021: Stricter Standards

Physical presence in Thailand became mandatory for operators
Enhanced AML/KYC requirements
Bank account opening procedures tightened

2024: Enforcement Phase

SEC increased scrutiny of unlicensed platforms
Enhanced penalties for violations (up to 3 years imprisonment, 300,000 THB fines)
Multiple unregistered exchanges warned

April 2025: Extraterritorial Law

Royal Decree on Digital Asset Businesses (No. 2) expanded SEC jurisdiction
Foreign platforms targeting Thai users now legally obligated to seek SEC licensing
Royal Decree on Technology Crime Prevention (No. 2) gave MDES blocking authority

May 29, 2025: The Announcement

SEC announced plans to block five unlicensed exchanges (Bybit, OKX, CoinEx, 1000X, XT.COM)
Users given 30 days to migrate assets

June 28, 2025: The Block

Thai ISPs implemented technical blocks
Bybit became inaccessible to Thai users
Thai IP addresses blocked at network level

June 2025 Onwards: Market Consolidation

KuCoin received SEC approval
Licensed exchanges expanded services
Government promoted “Thailand crypto hub” narrative

Comparing Thai-Licensed Exchanges: Feature Matrix

Feature	Bitkub	Upbit	Orbix	Coins.co.th
SEC Licensed	✓	✓	✓	✓
Trading Coins	100+	150+	50+	60+
THB Support	✓	✓	✓	✓
Mobile App	Excellent	Excellent	Good	Good
Staking	Limited	Up to 17%	No	Limited
API Access	Yes	Yes	Limited	Limited
Futures Trading	Yes	Yes	No	No
Verification Time	1-2 hours	24-48 hours	24-48 hours	24-48 hours
Max Daily Limit (Verified)	50M THB	50M+ THB	Tiered	Variable
Customer Support	24/7 Thai	24/7 Multilingual	Limited	Business hours

Risks of Using Unlicensed Exchanges (Why Bybit’s Block Matters)

Legal Risks for Users

No legal recourse: If you lose funds, Thailand law provides no protection
Account termination: Accounts can be frozen without notice or explanation
Potential prosecution: Using unlicensed exchanges could theoretically violate Thai financial laws

Security Risks

No regulatory audits: Unlicensed platforms don’t undergo security inspections
Fraud vulnerability: No overseer prevents scams or insider trading
Insolvency risk: If the exchange fails, your funds are not protected
Hacking exposure: Lower security standards increase breach probability

Financial Risks

Liquidity problems: Difficulty withdrawing funds during market stress
Price manipulation: Unregulated platforms can manipulate prices
Custody risk: Unclear asset protection policies
Tax complications: Thai authorities may not recognize losses on unlicensed exchanges

The SEC’s primary argument for the ban wasn’t ideology – it was protection. Bybit’s lack of compliance meant Thai users had zero recourse if something went wrong.

Advanced Migration Tips for Power Users

For Futures Traders

If you were actively using Bybit’s perpetual futures:

Bitkub offers futures trading (though with less leverage)
Bitget offers copy-trading features similar to Bybit (check if you can access from Thailand through licensed brokers)
Consider moving to non-Thailand exchanges if advanced derivatives are essential (requires VPN + non-Thai ID)

For Yield Farmers

Upbit’s staking offers competitive rates (up to 17%)
Licensed exchanges are expanding DeFi integrations, but currently limited in Thailand
Consider moving to Polygon or Ethereum Layer 2 solutions for more yield opportunities (higher risk)

For Large Holders

Hardware wallets: Ledger or Trezor for secure self-custody
Multi-sig wallets: For institutional-scale holdings (Gnosis Safe on Polygon)
Licensed custodians: Some Thai banks are exploring crypto custodial services (still in pilot)

For Tax-Conscious Traders

Export complete transaction history from Bybit before access is completely lost
Use tax software like Koinly or ZenLedger (US-based, but they support Thai exchanges)
Consult a Thai accountant familiar with crypto taxation (increasingly common in Bangkok)

Frequently Asked Questions – People Also Ask

Is 1xBet Legal in East Asia (Including Thailand)?

1xBet operates as a sports betting platform and is separate from Bybit. In Thailand, sports betting is illegal on unlicensed platforms. 1xBet is not licensed by Thai authorities and operates illegally. Users face similar risks as with unlicensed exchanges: no legal protection, potential account freezes, and no recourse for disputes.

What’s the Best Asian Crypto Exchange Platform?

For regulated access across Asia: Binance (available in most Asian countries but not Thailand for futures), OKX (blocked in Thailand as of June 2025, but available elsewhere in Asia), Bybit (blocked in Thailand, operational elsewhere). For Thailand specifically: Bitkub remains the best-established platform, though it’s Thailand-only.

Can I Open a Binance Account in Unsupported Countries?

Technically possible but legally risky. Binance restricts services to certain jurisdictions, and using a VPN to bypass these restrictions violates their terms and local law. For Thailand, licensed alternatives are now mandatory and superior.

Which Cryptocurrency Exchange Is Best for Beginners?

In Thailand: Bitkub (simplest interface, most support, THB integration)
Globally: Upbit or Kraken (if you’re outside restricted countries)

How Do I Withdraw Thai Baht After P2P Ban?

The P2P (peer-to-peer) ban in Thailand occurred earlier and disabled cash trading. Modern solutions:

Use licensed exchanges’ fiat gateways (Bitkub, Upbit support bank transfers)
Convert to stablecoin, then sell through crypto ATMs (limited availability)
Use OTC (over-the-counter) brokers with SEC licenses (Bitazza, KULAP)

What Should I Do If I Can’t Access My Bybit Account?

Try accessing from outside Thailand (VPN + travel, or non-Thai ID)
Contact Bybit support with full account documentation
Report the issue to Thai SEC if you believe there are regulatory violations in account handling
Consult a crypto lawyer if you have significant locked funds

Your Path Forward in Thailand’s Regulated Crypto Market

The Bottom Line: Bybit is not working in Thailand as of June 28, 2025, and this decision is final under current Thai law. Rather than fight the regulation, the best approach is to embrace Thailand’s new ecosystem of licensed exchanges.

The regulatory clarity Thailand has established is actually an advantage:

✓ Protected by law: Licensed exchanges operate under SEC oversight
✓ Tax benefits: 0% capital gains tax until 2029
✓ Growing liquidity: More exchanges entering the market means better prices
✓ Innovation: Government supporting blockchain development and digital securities

If you were using Bybit, now is the time to:

Complete your migration to a licensed Thai exchange (Bitkub, Upbit, or Orbix)
Export your transaction history for tax records
Update your investment strategy for Thailand’s regulatory environment
Monitor news for new licensed platforms entering the market

Thailand is becoming one of Asia’s most crypto-friendly jurisdictions precisely because it’s creating a regulated, transparent marketplace. Bybit’s exit represents the market maturing – not the market closing.

References & Further Reading

Official Thai SEC Crypto Licensing List: Visit sec.or.th for current approved operators
Digital Asset Business Decree B.E. 2561 (2018): Thailand’s foundational crypto law
Royal Decree on Digital Asset Businesses (No. 2) B.E. 2568 (2025): The extraterritorial amendments
Bank of Thailand Crypto Guidance: Stablecoin and payment restrictions
Thailand Revenue Department: Crypto taxation and reporting requirements

For current updates on Thailand’s crypto regulations, monitor:

Thai SEC Official Website: sec.or.th/th
Regulatory Announcements: SEC press releases on digital assets
Licensed Exchange Updates: Official channels of Bitkub, Upbit, Orbix

Article Updated: December 31, 2025
Regulatory Status: Current as of June 28, 2025 block implementation
Verified Against: Thai SEC official statements, Bybit help center, licensed exchange information

Disclaimer: This article provides factual information about Thailand’s cryptocurrency regulations and is not financial advice. Cryptocurrency investments carry significant risk. Consult with a qualified financial advisor before making investment decisions. Tax laws are complex and vary by individual circumstances – consult a Thai tax professional for personalized advice.