Which crypto exchanges are licensed in Thailand? Seven. On 4 November 2026 the Thai Securities and Exchange Commission's digital asset licence check listed seven licensed digital asset exchanges, 14 brokers and five dealers, along with fund managers, advisers, custodians and ICO portals. Any platform outside that list that serves Thai customers is operating without a licence.
This page is the list, by category, with what each licence covers and how to check a platform yourself. It does not cover how to obtain a licence; for capital requirements and the application process, see our Thailand crypto exchange licence requirements guide. The SEC's public list is in Thai, with each operator's brand shown in capitals; the English company names below are SpinDepth's renderings.
The seven licensed crypto exchanges
An exchange licence is the top tier: the operator runs a trading venue where buyers and sellers are matched. The SEC list shows seven:
- Bitkub Online (BITKUB)
- Gulf Binance (GULF BINANCE), which trades as Binance TH
- Upbit Exchange (Thailand) (UPBIT)
- GMO-Z.com Cryptonomics (Thailand) (Z.COMEX)
- Orbix Trade (ORBIX TRADE)
- Waan Exchange (WAANX)
- Thai Digital Assets Exchange (TDX)
Most of the seven also hold a broker licence, so they can both run the order book and handle client orders. Bitkub, Gulf Binance, Upbit, Z.com EX, Orbix Trade and Waan Exchange all appear in the broker category as well. Ownership may change at one of them: Bitget is buying into Thailand through GMO-Z.com Cryptonomics, as covered in our report on Bitget's purchase of the GMO exchange.
Names that used to appear have gone. A Fintech News Singapore list from April 2025 included ERX, which had rebranded as KuCoin Thailand, and Finansia Digital Asset. Neither appears among the exchanges or brokers on the SEC's current page, which is why a list copied from another website is no substitute for the SEC's own.
Brokers, dealers and the rest of the list
A broker buys and sells digital assets on behalf of clients; a dealer trades on its own account with clients. The 14 licensed brokers are Bitkub, Gulf Binance, Upbit, Z.com EX, Orbix Trade, Waan Exchange, Bitazza, InnovestX Securities (INVX), Xspring Digital (XSPRING), Coins TH (COINS TH), Kulap, operated by Satoshi Co (KULAP), Maxbit Digital Asset (MAXBIT), Cryptoplat (MOBYX) and Tokenomics (TOKENOMICS).
The five dealers are Cryptoplat (MOBYX), 1109 Prosper (1109X), Xspring Digital, Coins TH and Shimp Fintech. The SEC marks Shimp Fintech as not yet having started business, a note that also appears against Soberin among the three digital asset fund managers and Cryptodian among the custodial wallet providers. A licence on the list is therefore not proof that a firm is trading today.
The remaining categories serve specialist needs. The fund managers are Soberin, Orbix Invest and Merkle Capital. The advisers are AltPlus Advisory and CryptoMind Advisory. The custodial wallet providers are Cryptodian, Rakkar Digital and Orbix Custodian. The eight ICO portals, which screen and list token offerings, are Int X, Finansia Portal (FSP), Bitkub Portal, Fraction (Thailand), Kubix Digital Asset, Token X, T-Box (Thailand) and Xspring Digital.
What the licence categories mean for traders
The categories are not interchangeable, and the difference decides what a customer can safely do with a platform. A trader who wants to buy and sell on an order book needs an exchange or a broker. A trader who leaves coins on a platform for months is relying on custody, which is why the SEC licenses custodial wallet providers separately and why Rakkar Digital and Orbix Custodian sit in their own category.
The structure also shows how the market is consolidating. Orbix appears four times, as an exchange, a broker, a fund manager and a custodian, and Bitkub appears as an exchange, a broker and an ICO portal. Groups that hold several licences can keep a customer's whole journey, from buying a token to holding it to investing in a fund, inside one supervised group, which is the model the SEC's categories make possible.
For traders the shrinking list is a reminder that a licence can lapse or a brand can leave. In April 2025 Fintech News Singapore counted nine licensed exchanges; on 4 November 2026 the SEC page showed seven. A platform that was licensed when an account was opened is not necessarily licensed today, so the check is worth repeating, especially before moving a large balance.
Is Binance legal in Thailand?
Binance's licensed Thai business is Gulf Binance, a local company that appears on the SEC list as both an exchange and a broker and trades as Binance TH. The global Binance platform does not appear on the list. The distinction matters: a Thai customer using the licensed local entity is dealing with a supervised operator, while the global site is not licensed in Thailand.
The SEC has acted against foreign platforms that serve Thai users without a licence. As we reported in our coverage of the SEC crackdown, the regulator announced on 29 May 2025 that five platforms, Bybit, OKX, CoinEx, XT.com and 1000X, would be blocked in Thailand from 28 June 2025. The 2018 Emergency Decree on Digital Asset Businesses covers operators based outside Thailand that provide services to people in Thailand.
The same logic applies to every overseas brand. Some large exchanges reach Thailand through a licensed local partner or subsidiary, and some do not reach it legally at all. The test is never the brand; it is whether the company a trader deposits with appears on the SEC list.
Upbit and Gulf Binance show how that works in practice. Both carry the names of large international groups, yet the licence belongs to a Thai company, Upbit Exchange (Thailand) and Gulf Binance, that the SEC supervises directly. A customer who signs up through the Thai entity's own website or app is inside the regulated market; the same customer using the group's global site may be outside it, even though the logo on the screen looks almost the same.
The test is never the brand on the app. It is whether the company holding your baht is on the SEC list.
How to check an exchange before you deposit
The check takes a few minutes. The SEC's licence search at market.sec.or.th lists every licensed digital asset operator by category, and each entry links to a company detail page. Traders should take these steps before sending money:
- Search the SEC licence check for the platform's brand and its full company name
- Confirm the category matches the service: an exchange or broker licence for trading, a custodial licence for wallet services
- Check the website and app you are using belong to the licensed company, not a look-alike domain
- Watch for the note that a licensee has not yet started business
- Treat a platform that claims Thai approval but is missing from the list as unlicensed
The licensing chain explains why the SEC list is the one to trust. Under section 26 of the 2018 decree, a digital asset business operator must obtain a licence from the minister on the SEC's recommendation, and the SEC then supervises the licensee. A company cannot appear on the SEC's page without going through that process.
Rules are still moving. The SEC board approved stablecoin principles on 3 September 2026 and consulted on them from 11 to 25 September, and the Bank of Thailand opened a public hearing on a baht stablecoin from 19 October to 17 November 2026, according to AchivX. New licence categories could follow, so the list is worth checking again before each new platform.
How many crypto exchanges are licensed in Thailand?
On 4 November 2026 the SEC licence check listed seven licensed digital asset exchanges: Bitkub, Gulf Binance, Upbit Thailand, GMO-Z.com Cryptonomics, Orbix Trade, Waan Exchange and Thai Digital Assets Exchange.
Is Binance legal in Thailand?
Gulf Binance, which trades as Binance TH, is licensed by the SEC as an exchange and a broker. The global Binance platform does not appear on the SEC list.
Which crypto platforms are blocked in Thailand?
The SEC announced on 29 May 2025 that Bybit, OKX, CoinEx, XT.com and 1000X would be blocked from 28 June 2025 for serving Thai users without a licence.
How do I check if a crypto exchange is licensed in Thailand?
Search the company on the SEC's licence check at market.sec.or.th, confirm its licence category, and make sure the website or app you use belongs to that licensed company.
Who grants crypto licences in Thailand?
Under the 2018 Emergency Decree on Digital Asset Businesses, licences are granted by the minister on the SEC's recommendation. The SEC then supervises licensed operators.
Thailand's licensed market is small, local and concentrated: seven exchanges, most of them also brokers, and a handful of specialists around them. That concentration is the point of the regime. A trader who stays inside the SEC list has a supervised counterparty and a regulator to complain to; one who steps outside it has neither, and since 2025 the SEC has shown it will block the platforms that ignore the rules.
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