Thailand's SEC Orders Licensed Crypto Broker Coins TH to Fix Governance, Systems and Overdue Accounts by 8 December

Thailand's Securities and Exchange Commission (SEC) has ordered Coins TH Company Limited, a licensed digital-asset business, to correct deficiencies in its ownership and board structure, its operating and client-asset systems, and its financial reporting, and to report the fixes to the regulator by 8 December 2026. The SEC Board took the decision at its Meeting No. 13/2026 on 5 November 2026 under section 35, paragraph one, of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), and announced it in press release No. 245/2026 on 6 November.

Unlike the SEC's recent actions against Bitget and Vcex, which concern platforms operating without a licence, the Coins TH order is aimed at a firm that sits inside the licensing regime. Coins TH Company Limited appears on the SEC's list of licensed digital asset business operators as a digital asset broker and a digital asset dealer for cryptocurrencies.

What the SEC Found at Coins TH

According to the release, the SEC's monitoring and inspection of the company identified problems in two broad areas. The first is organisational structure and personnel: the company had shareholders who had not been approved by the SEC, a board whose number of directors did not meet regulatory requirements, and no audit committee. The SEC said this left operations without effective checks and balances.

The second area is operating systems. The regulator listed shortcomings in the firm's information technology system, its system for safekeeping client assets, its data management and storage systems, and its outsourcing of functions related to its business. Separately, Coins TH had not submitted its financial statements for the 2024 and 2025 accounting periods to the SEC, as the rules require.

The SEC framed the measures as intended to prevent damage to investors and said they were imposed through the legal process set out in the Emergency Decree. The release does not announce a fine, a suspension of business or a licence revocation, and it does not say that client assets have been lost.

What Coins TH Must Do by 8 December 2026

The order is split into three sets of remedies. On structure and personnel, Coins TH must file an application for approval of its major shareholders with complete and accurate supporting documents; provide a duly certified shareholders' resolution appointing directors to replace those who resigned; provide a board resolution appointing an audit committee and an audit committee chair who is an independent director, with a defined scope of duties; show that checks and balances over operations are effective; and ensure it has an appropriate and sufficient number of qualified staff.

On systems, the company must fix the way it manages and stores information about its business and submit complete, accurate and up-to-date daily and monthly e-Reporting data to the SEC. It must also bring its information technology systems, client-asset safekeeping system and outsourcing arrangements into line with the applicable regulations.

On reporting, Coins TH must submit its financial statements for 2024 and 2025 to the SEC and publish them on its own website. The company must then report to the SEC on the rectification in all three areas by 8 December 2026, giving it a little over a month from the board decision.

Who Is Affected and What Comes Next

The order binds Coins TH and matters most to its customers. The SEC told clients with questions to contact the company's customer service centre or the regulator through the SEC Complaint Center on 1207 (press 8), by email at [email protected], through the SEC's Facebook page or through SEC Live Chat on its website. The release contains no instruction for clients to withdraw assets, which contrasts with the warnings the SEC issued ahead of the Vcex and Bitget access blocks.

For other licensed operators in Thailand, the case is a reminder of what the SEC checks in routine supervision: shareholder approvals, board composition and an audit committee, IT and custody controls, outsourcing, timely e-Reporting of client-asset data and annual accounts. The SEC said it places strong emphasis on monitoring licensed operators, including their reporting of client asset information, to make sure they comply strictly with the rules.

The next fixed date is 8 December 2026, when Coins TH's rectification report falls due. The release does not say what action the SEC would take if the company misses the deadline or if the fixes prove insufficient. Any further step, such as additional orders or changes to the firm's licence status, would show up in later SEC releases and on the public licensee list, which remains the reference point for checking whether a Thai crypto business is authorised.