Thailand's SEC announced a ban on platforms such as Bybit and OKX on June 28, affecting 800,000 users facing account freezes—this is not an isolated incident. From the U.S. SEC's $1.3 billion fine on Binance to the EU's MiCA legislation about to take effect, the global regulatory iron curtain is accelerating its encirclement.
Users of licensed platforms in Hong Kong have increased by 200% month-over-month, with trading volume of the compliant stablecoin USDC surging by 300%. Meanwhile, the risks for unlicensed platforms have escalated sharply: one investor's withdrawal from XT.COM has plummeted by 30%, and a wave of fund withdrawals from platforms like CoinEx is unfolding.
Thailand has invoked emergency orders to freeze accounts, breaking territorial boundaries. Data shows that global compliance consultation requests have surged fivefold, and industry consensus is forming: unlicensed platforms will face a risk of asset zeroing by the end of 2025.
Compliance platforms have become a safe haven for assets, while gray area platforms are turning into "walking ATMs." In the new regulatory normal, only by prioritizing compliance as a prerequisite for asset allocation can one avoid the risk of swimming naked.
