The Thai SEC has ordered cryptocurrency exchanges to delist NFTS, meme coins, and social tokens says Stevens from Decrypt
The Thailand Securities and Exchange Commission won’t be laughing at crypto’s meme coins.
The SEC in Thailand outlawed meme coins, including Pisscoin, CumRocket, and Dogecoin, because they were not funny enough.
The ban went into effect yesterday, it also prohibits cryptocurrency exchanges from listing NFTs, utility tokens, and social tokens. Exchanges must delist the coins within 29 days.
According to the Thai SEC, meme tokens have “no clear objective or substance or underlying [value],”.
NFTS that function as digital asset hosts is also banned from exchanges. A CryptoPunks NFT sold for $11.5 million this week, one of these tokens.
Thai SEC NFTS Stevens Decrypt
The final group of banned tokens was exchange tokens, such as OKEx Token, Huobi Token, or BNB. Those who possess exchange tokens, such as OKEx Token, Huobi Token, or BNB, save on transaction fees.
The SEC didn’t provide a reason for banning these coins.
In early September, the Securities and Exchange Commission revealed its plans to regulate cryptocurrencies.