Thailand SEC gives Coins TH deadline to repair operational controls

Thailand’s Securities and Exchange Commission has ordered Coins TH Company Limited to correct deficiencies in its governance, operating systems, customer-asset custody and financial reporting by December 8, 2026.

The regulator announced the order on November 6, one day after its board approved the action. Coins TH must complete the required work and report the results to the SEC by the deadline. The action matters because the identified deficiencies reach several controls intended to protect customers of a regulated digital-asset business rather than one isolated filing error.

The SEC did not announce a suspension, license revocation, customer loss or asset shortfall. The order gives the company a defined period to rectify its operations under Section 35 of Thailand’s Emergency Decree on Digital Asset Businesses. Coinburn is reporting the development on November 8.

Governance and custody controls require correction

The regulator said Coins TH had not completed the required approval process for major shareholders. Its management structure also lacked the required number of directors, while the company had not established an audit committee or appointed an independent director to chair it.

Coins TH must submit complete shareholder-approval documentation, provide a certified shareholder resolution appointing replacements for directors who resigned and establish the audit committee through a board resolution. It must also define that committee’s responsibilities, demonstrate effective checks and balances and maintain enough appropriately qualified personnel.

The operational portion of the order covers information technology, customer-asset custody, management and storage of business records, and outsourced functions. Coins TH must bring those systems into compliance and submit complete, accurate and current daily and monthly data through the regulator’s electronic reporting system.

The announcement identifies control deficiencies but does not report that customer assets are missing, inaccessible or commingled. It also supplies no measurement of customer balances, transaction volume, financial exposure or the cost of the required remediation. The order should therefore not be described as evidence of insolvency or a completed customer loss.

Two annual financial statements remain overdue

Coins TH also failed to submit its financial statements for the 2024 and 2025 accounting periods as required, according to the SEC. The company must deliver both sets of statements to the regulator and publish them on its website by the December deadline.

Those dates identify the accounting periods covered by the missing reports; they do not establish the company’s current financial condition. Until the statements are filed, the source record does not support conclusions about Coins TH’s assets, liabilities, revenue, profitability or capital adequacy.

The SEC said the measures were imposed to prevent harm to investors. That is the regulator’s stated purpose for the intervention, not a finding that specific customers have already suffered a quantified loss.

Section 35 provides an escalation path

The amended digital-asset decree allows Thailand’s SEC to order corrective action when an operator’s condition may damage the public or when it violates applicable requirements. If an operator does not comply with that first-stage order, the regulator may temporarily suspend all or part of its operations while remediation continues.

Continued or repeated noncompliance can lead the finance minister, acting on the SEC’s recommendation, to consider revoking the operator’s license. Those later steps are statutory possibilities rather than actions already taken against Coins TH. The English version of the decree published by the SEC is also labeled an unofficial translation; only the original Thai text has legal force.

The next verifiable milestone is December 8. Evidence that Coins TH complied would include the required governance resolutions, updated shareholder documentation, corrected operating systems, complete regulatory data and publication of both overdue financial statements. Until the regulator reports the result, the order establishes deficiencies and a remediation deadline—not their successful correction or an escalation to suspension.