Yes. Residents may buy, hold and trade crypto through businesses licensed by the SEC, and the state blocks unlicensed exchanges instead of banning the people who use them. What is closed is paying for goods and services with crypto.

The licensing regime is the digital asset business law of 2018, which Elliptic describes as giving retail investors regulated access from the start. The SEC’s own order of 29 May 2025 treats running a digital asset business without that permission as the offence, and it was the platforms, not their users, that it named. The SEC still warns that users of unlicensed operators are not protected by law. The sections below cover who holds a licence, who was blocked, what licensed operators may not do and how gains are taxed.

Which crypto exchanges work in Thailand?

Ten of the exchanges we track serve Thailand. Two of them, Binance and KuCoin, say a Thai company holds a licence, and the SEC had five unlicensed offshore exchanges blocked on 28 June 2025.

Licences come in types: exchange, broker, dealer and custodian among them. Press reports of SEC data for July 2026 count seven exchanges and 14 brokers, and name Bitkub, Gulf Binance, Orbix Trade, TDX, Upbit, Waanx and Z.com among the exchanges. That list does not name KuCoin Thailand, which KuCoin says holds an exchange licence, and the SEC’s register itself would not load for us, so we quote no total from it.

Table of tracked exchanges and their Thai licence position. Binance: Gulf Binance Co., Ltd., exchange and broker licences per Binance’s licences page, available. KuCoin: ERX Company Limited, exchange licence per KuCoin, with the SEC register not read, available. OKX: no licence, named in the SEC order of 29 May 2025, restricted. Bybit: no licence, named in the same order, restricted. Also licensed but not tracked: Bitkub, Orbix Trade, TDX, Upbit Thailand, Waanx and Z.com.

Binance lists Gulf Binance Co., Ltd., a joint venture with Gulf Edge, on its licences page. KuCoin says KuCoin Thailand is run by ERX Company Limited, which it describes as licensed under the SEC, and that it launched on 24 April 2025. OKX and Bybit are the two tracked exchanges the SEC named as unlicensed.

Best crypto platforms for Thai residents

By our access score, Binance and KuCoin (9.0 out of 10 each) are the exchanges most open to Thai residents, with Bitfinex, HTX and MEXC next at 8.0. Hyperliquid and Lighter (8.0 each) lead DeFi, and no prediction market is open to new positions.

The score rates how fully a Thai resident can use each platform, not its fees or safety. It is computed from our data and moves when a row changes: access status (4 points), the share of the platform’s products open here (3), the Thai licences we hold on file (2) and what our geo-access test saw from a Thai address (1). Platforms that refuse Thai residents are not scored. The full method is on our methodology page.

Exchanges

  1. Binance

    Best for A Thai-licensed company behind the brand

    9.0/10
    Access
    4/4
    Products
    3/3
    Licences
    1/2
    Our test
    1/1

    Pros

    • Gulf Binance Co., Ltd. holds Thai exchange and broker licences, per Binance
    • Thailand is not on its prohibited list

    Cons

    • We hold no Thai source for its derivatives or staking
    Read our Binance report

  2. KuCoin

    Best for A local app run by a licensed company

    9.0/10
    Access
    4/4
    Products
    3/3
    Licences
    1/2
    Our test
    1/1

    Pros

    • KuCoin Thailand is run by ERX Company Limited, which KuCoin says holds an SEC licence
    • Launched in Thailand on 24 April 2025

    Cons

    • We could not read the SEC register to confirm the licence
    Read our KuCoin report

  3. Bitfinex

    Best for Spot access without a Thai company

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Thailand is not a prohibited jurisdiction in its terms
    • Loaded without a block in our test

    Cons

    • No Thai licence on file
    Read our Bitfinex report

  4. HTX

    Best for Spot and derivatives without a Thai company

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not on its restricted list of September 2026
    • Loaded without a block in our test

    Cons

    • No Thai licence on file
    Read our HTX report

  5. MEXC

    Best for Spot and derivatives without a Thai company

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not on its prohibited-jurisdictions list of 13 October 2026
    • Loaded without a block in our test

    Cons

    • No Thai licence on file
    Read our MEXC report

  6. Bitstamp

    Best for Plain spot trading

    7.5/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • No Bitstamp document excludes Thailand

    Cons

    • No Thai licence on file
    • Not covered by our geo-access test
    Read our Bitstamp report

  7. Coinbase

    Best for Spot trading with a US-listed brand

    7.5/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • Thailand is a listed sign-up country in its identity verification guide

    Cons

    • No Thai licence on file
    • We hold no Thai source for its derivatives or staking
    Read our Coinbase report

  8. Crypto.com

    Best for Spot trading in the app

    7.5/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • Not named in the SEC order of 29 May 2025

    Cons

    • No Thai licence on file
    Read our Crypto.com report

  9. Kraken

    Best for Spot trading outside the Thai regime

    7.5/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • Thailand is not on its do-not-serve list

    Cons

    • No Thai licence on file
    Read our Kraken report

  10. Gemini

    Best for Perpetuals only

    5.4/10
    Access
    3/4
    Products
    1.9/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • Thailand is on its perpetuals list

    Cons

    • Spot is not offered: Thailand is not on its main list
    Read our Gemini report

DeFi

  1. Hyperliquid

    Best for Perpetuals from your own wallet

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not blocked in our geo-access test

    Cons

    • No Thai licence on file
    Read our Hyperliquid report

  2. Lighter

    Best for Perpetuals on its trading app

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not named in its terms
    • The trading app loaded in our test

    Cons

    • No Thai licence on file
    Read our Lighter report

  3. Jupiter

    Best for Solana swaps

    7.5/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • Thailand is not named in its terms

    Cons

    • No Thai licence on file
    Read our Jupiter report

  4. PancakeSwap

    Best for BNB Chain swaps and pools

    7.5/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • Its terms bar only people and places under US sanctions

    Cons

    • No Thai licence on file
    Read our PancakeSwap report

  5. Uniswap

    Best for Swapping tokens from your own wallet

    7.5/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • Its terms bar only places under comprehensive US sanctions

    Cons

    • No Thai licence on file
    Read our Uniswap report

  6. Aster

    Best for Perpetuals and spot trading

    5.9/10
    Access
    3/4
    Products
    1.9/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Perpetuals load in the trading app in our test

    Cons

    • Prediction trading is barred under its prediction rules
    Read our Aster report

Which platforms block Thai users?

Four exchanges (Bybit, OKX, Bitget and Gate) and two prediction markets (Polymarket and Kalshi) refuse Thai residents. Bybit and OKX were blocked by the state, the others by their own terms.

The SEC announced on 29 May 2025 that access to five platforms would be restricted from 28 June 2025: Bybit, 1000X, CoinEx, OKX and XT.COM. It filed charges with the Economic Crime Suppression Division and passed the sites to the Ministry of Digital Economy and Society (MDES), which does the blocking. We track only Bybit and OKX of the five. The SEC urged investors to secure their assets before the block, and the allegations are the SEC’s, not a court’s finding.

Bitget added Thailand to the prohibited-countries list in its terms of use, updated on 15 September 2026, and gives no reason. Gate lists Thailand in its restricted locations (user agreement of 22 July 2026).

Platforms that refuse Thai residentsPick one to see what the record says
PlatformStatusTypeWhat the record saysThai option
BybitRestrictedExchangeNamed in the SEC order; access blocked from 28 June 2025 for running without a licence–
OKXRestrictedExchangeNamed in the SEC order; access blocked from 28 June 2025 for running without a licence–
BitgetRestrictedExchangeOn the prohibited-countries list in Bitget’s terms of use (updated 15 September 2026)–
GateRestrictedExchangeOn the restricted-locations list in Gate’s user agreement (22 July 2026)–
PolymarketRestrictedPrediction marketClose-only: existing positions can be closed, no new ones opened–
KalshiRestrictedPrediction marketOn Kalshi’s restricted-jurisdictions list–

Source: Thai SEC order and platform terms, verified 17 October 2026. What each site showed us is in the next section.

What our geo-access test saw from Thailand

From a Thai address on 14 and 16 October 2026 we loaded 12 of the 22 platforms we track: 11 loaded with no barrier and Gate refused us.

An open page is not permission, and a virtual Thai address cannot see a block applied by Thai internet providers. That is why Bybit and OKX loaded although the state has blocked both since 28 June 2025, and why Bitget loaded although its terms now prohibit Thailand. Gate showed its restricted-location notice. We have no Thai test for the other ten platforms. Swipe through the screenshots below; each card says what the page showed.

What each platform showed us from hereScreenshots from our geo-access test, 14 Oct 2026 and 16 Oct 2026. Scroll sideways or use the arrows.
Home page of Gate loaded from Thailand: Thailand, on Gate's list, blocked by IP

BlockedGate · Home page

Thailand, on Gate's list, blocked by IP

“It seems that you are attempting to access our services from a Restricted Location where Gate is unable to provide services.”

16 Oct 2026 · HTTP 200 · virtual location

Home page of Bitget loaded from Thailand: Thailand, prohibited since September 2026, through a virtual location: no barrier

No barrierBitget · Home page

Thailand, prohibited since September 2026, through a virtual location: no barrier

14 Oct 2026 · HTTP 200 · virtual location

Sign-up page of Bybit loaded from Thailand: Blocked by Thai ISPs since June 2025; a virtual location cannot see that block

No barrierBybit · Sign-up page

Blocked by Thai ISPs since June 2025; a virtual location cannot see that block

14 Oct 2026 · HTTP 200 · virtual location

Home page of OKX loaded from Thailand: Blocked by Thai ISPs since June 2025; a virtual location cannot see that block

No barrierOKX · Home page

Blocked by Thai ISPs since June 2025; a virtual location cannot see that block

14 Oct 2026 · HTTP 200 · virtual location

CRYPTORESTRICTIONS

Who regulates crypto in Thailand?

The SEC licenses and supervises digital asset businesses, MDES blocks unlicensed sites, the police pursue gambling and crypto fraud, the Cabinet and Finance Ministry set tax relief, and the Bank of Thailand regulates the e-money side of payments.

Timeline in three lanes. SEC, 16 March 2025: USDT, USDC added (Approved trading pairs). SEC, 29 May 2025: Five exchanges named (Order No. 134/2025). SEC, Aug 2025: TouristDigiPay (Tourist sandbox opens). SEC, 3 September 2026: Stablecoin principles (Draft cap, consultation). MDES and police, 14 January 2025: Polymarket ban plan (Police propose it). MDES and police, 13 April 2025: Tech crime decree (Blocking powers). MDES and police, 28 June 2025: Access blocked (Five exchanges). Cabinet and Finance, 17 June 2025: Gains exemption (Licensed platforms only).

  • SEC. Licenses exchanges, brokers and dealers under the 2018 digital asset business law and names unlicensed operators. It sets which cryptocurrencies licensed operators may use as trading pairs: from 16 March 2025, Bitcoin, Ether, XRP, Stellar, Tether and USD Coin.
  • MDES. Blocks access to unauthorised platforms. ForkLog reports the legal basis as the technology crime decree in force from 13 April 2025.
  • Police. The Cyber Crime Investigation Bureau said on 14 January 2025 it would propose blocking Polymarket (see the prediction markets section).
  • Cabinet and Ministry of Finance. Approved the capital gains exemption on 17 June 2025 (see the tax section).
  • Bank of Thailand. Regulates the e-money providers that hold tourists’ baht in the TouristDigiPay sandbox.
  • Stablecoins. The SEC board adopted principles for tighter supervision on 3 September 2026, and a draft was open for comment from 11 to 25 September. It is not yet a rule.

Which crypto products are limited in Thailand?

Paying for goods and services with crypto is the closed use: the SEC has barred licensed operators from supporting it since 1 April 2022. Operators may also trade only approved cryptocurrencies against each other.

Ledger of six rules. Paying with crypto: banned, licensed operators may not support or promote it, 1 April 2022. Privacy features: banned, no service that conceals transaction details, 1 April 2022. Trading pairs: approved list, btc, eth, xrp, xlm, usdt and usdc, March 2025. Tourists spending crypto: pilot, converted to baht first, spent by promptpay qr, 18 months from Q4 2025. Stablecoin transfers: draft, 5 million baht a day, own wallets only, Comments to 25 September 2026.

  • Payments. The SEC announced the ban on 23 March 2022, in force from 1 April 2022. Operators must act against customers who use crypto to pay, but trading and investing stay allowed.
  • Privacy. From the same date operators may not offer services that conceal transaction details.
  • Tourists. The TouristDigiPay sandbox lets foreign visitors convert crypto to baht through a licensed operator and spend it by PromptPay QR from an e-money wallet, for 18 months. Merchants are paid in baht, spending is capped at 500,000 baht a month at verified merchants and 50,000 baht at small vendors, and cash withdrawals are blocked. It is not a way to pay merchants in crypto.
  • Stablecoin transfers. The draft would cap inbound and outbound stablecoin transfers at 5 million baht a day and allow transfers only to and from wallets confirmed as the customer’s own.
  • Derivatives. Elliptic reports that the Cabinet approved digital assets as underlying assets for derivatives, which opens the way to crypto futures on the Thailand Futures Exchange; the article does not date the step, so treat it as pending.

Not in practice. Thai police call crypto prediction markets illegal online gambling, and Polymarket, Kalshi and Aster all restrict Thailand in their own rules.

Status of three platforms with prediction markets for Thailand: Polymarket restricted (close-only, no new positions), Kalshi restricted (on its restricted-jurisdictions list), Aster restricted (prediction trading barred by its rules). Beside it, the draft amendment to the Gambling Act, which is not law: organisers of unauthorised online gambling 7 to 12 years in prison, dealers and premises owners 5 to 7 years, players 1 to 3 years. Thai police proposed banning Polymarket on 14 January 2025, a proposal and not a finalised ban, and the draft hearing closed on 14 February 2025.

The Cyber Crime Investigation Bureau said on 14 January 2025 that it would propose banning Polymarket, because its crypto betting falls under illegal online gambling. Decrypt described that as a proposal with no timeline, and we found no later report of a formal ban. Polymarket now lists Thailand as close-only, Kalshi lists it among its restricted jurisdictions and Aster bars prediction trading under its prediction rules.

The Gambling Act of 1935 is the base law, and we could not read its text, so we state no penalty under it. A draft amendment put to public hearing until 14 February 2025 would ban organising or taking part in online gambling unless authorised, with 7 to 12 years in prison for organisers and 1 to 3 years for players. A draft is not law, and we found no report that it passed.

How is crypto taxed in Thailand?

Gains from selling crypto through SEC-licensed exchanges, brokers and dealers are exempt from personal income tax from 1 January 2025 to 31 December 2029. Outside licensed platforms, gains are assessable income with 15% withholding.

Column chart of Thai personal income tax rates by slice of taxable income: 0% up to 150,000 baht, then 5%, 10%, 15%, 20%, 25% and 30% to 5 million baht, and 35% above. Key facts: a 15% withholding tax on gains from transferring crypto has applied since 14 May 2018 and can be credited against the annual tax; gains on sales through SEC-licensed platforms are exempt from personal income tax from 1 January 2025 to 31 December 2029; mining and staking income stays taxable; sales on unlicensed, decentralised or peer-to-peer channels are not covered by the exemption.

Royal Decree No. 19, published on 13 May 2018, made gains from transferring cryptocurrency or digital tokens assessable income and set a 15% withholding tax for resident and non-resident individuals. The tax withheld can be credited against the annual bill, which is taxed on the progressive bands in the chart above, from 5% above 150,000 baht to 35% above 5 million baht.

The Cabinet approved the exemption on 17 June 2025. It covers sales through licensed exchanges, brokers and dealers, and Crowdfund Insider reports that trades on unlicensed platforms, decentralised exchanges and peer-to-peer channels are not covered, and that mining and staking income stays taxable. The sources we read do not say how withholding is applied to exempt trades, and we read no Revenue Department page on it, so confirm the filing with the department. The sequence below follows what those sources state:

Working out your crypto tax in ThailandFor an individual, from the sources above
StepDetail
Check the platform is licensedThe SEC publishes its licensed operators on sec.or.th
Licensed platform: gains are exemptSales through licensed exchanges, brokers and dealers, from 1 January 2025 to 31 December 2029
Anywhere else: gains are assessable incomeDecentralised, peer-to-peer and unlicensed sales; 15% is withheld and credited against your annual tax
Declare mining and staking incomeIt stays taxable under the existing rules

Source: Forvis Mazars, Decrypt and Crowdfund Insider, checked 17 October 2026.