Thailand has issued a warning that CoinEX is not legally permitted in the country.
Thailand’s Securities and Exchange Commission (SEC) has warned investors to avoid trading on the digital asset platform CoinEX because it lacks a license to operate in the country.
The announcement was made on Friday after it was discovered that the platform was inviting people to use its services through its website and Facebook page, as well as by setting up exhibition booths.
Under the Royal Decree on Digital Asset Businesses 2018 (BE 2561), the SEC confirmed that CoinEX was not a licensed digital asset operator.
Because the platform was not regulated by the SEC and users were not therefore protected by the SEC, the watchdog urged people to exercise caution when they are persuaded to trade, exchange, deposit, transfer, withdraw, or engage in transactions related to digital assets.
Meanwhile, on May 17, the watchdog updated the Investor Alert section of its website with a new warning.
It stated that owners of digital assets who advertise, promote, or persuade must have permission to do so or face legal repercussions.
The SEC advised investors to check the list of licensed digital asset business operators at www.sec.or.th or the SEC Check First app.
Besides, investors can also inquire about or report questionable business practices for further investigation via SEC hotline 1207.
