The SEC filed a criminal complaint against OKX and nine individuals for operating a digital asset exchange without a license, seeking legal action and warning investors of potential risks.
The Securities and Exchange Commission (SEC) has lodged a criminal complaint with the Economic Crime Suppression Division (ECD) against Aux Cayes FinTech Co. Ltd., the operator of the digital asset exchange platform www.okx.com/th (OKX), along with nine associates. They are accused of running a digital asset exchange business without proper licensing, violating the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).
Following a referral and subsequent investigation by the SEC, it was determined that on October 15, 2021, OKX operated a digital asset trading system, enabling the trading and exchange of digital assets while charging a 0.1% fee on the transaction value. Furthermore, OKX actively promoted its services via its website and multiple social media platforms, including Telegram under the account name “OKX TH,” Twitter (now X) as “OKX Thai Community,” and Line OpenChat under the name “Thai Community.”
It was discovered that OKX received promotional support and assistance from nine individuals, specifically:
- Mr. Sarun Boonmesrisanga, via his Facebook Page and YouTube channel “ลองลงทุน,” as well as his Discord Server account “LONGLONGTHUN Community.”
- Mr. Nut Joongwong, through his Facebook Page and YouTube channel “พ่อบ้านคริปโต,” his Discord Server account “Moonstation,” and the Line OpenChat group “Exclusive MoonStation.”
- Mr. Kritsana Kritsananuwat, using his Facebook Page and YouTube channel “Srisiam.”
- Mr. Smithi Charoenmin, via his Facebook Page and YouTube channel “น้ายามพาเทรด.”
- Mr. Kittithat Benchacharoenpat, through his Facebook Page “I Learn A Lot: แชร์มุมมองด้านการลงทุน,” his YouTube channel “I Learn A Lot,” and the Line OpenChat group “Exclusive Wave125i.”
- Mr. Saurawit Sanguanphokai, using his Facebook Page, YouTube channel, and Telegram account under the name “Art of Crypto.”
- Mr. Akarawath Rujiruangchai, via his Facebook Page “Crypto Teller: บอกกล่าวเล่าคริปโต,” his YouTube channel “cryptoteller007,” and his Discord Server account “Mookata Trader Community.”
- Mr. Rachata Chuesaibua, through his Facebook Page “กราฟฟิ้ววว,” the Line OpenChat group “กราฟฟิ้ววว เดอะ คอมมูนิตี้,” and his Discord Server account “ห้องลับจับคลื่น.”
- Mr. Varut Vanichayakosol, using his Facebook Page “Insight On-Chain: ส่องข้อมูลออนเชน” and the Line OpenChat group “Insight On-Chain มาคุยกัน.”
The efforts of these individuals enhanced OKX’s visibility and attracted more users to its platform. Consequently, their actions are deemed to have assisted or facilitated OKX in operating a digital asset exchange without a license, violating Section 26 of the Emergency Decree. This offense carries penalties under Section 66 of the Emergency Decree in conjunction with Section 86 of the Criminal Code.
The SEC has thus submitted a criminal complaint against OKX and the nine associates to the ECD for review regarding potential legal proceedings.
The public and investors are advised to exercise caution when engaging with unlicensed digital asset businesses, as such entities are not protected under the law. This lack of regulation may expose individuals to risks including fraud, scams, and the potential misuse of funds for money laundering. To ensure safety, investors can verify licensed digital asset businesses through the SEC’s official website at www.sec.or.th or the SEC Check First application. Furthermore, a list of individuals or entities not regulated by the SEC can be found in the Investor Alert Section on the SEC’s website at https://market.sec.or.th/public/idisc/th/InvestorAlert.
