Thailand has taken action! Starting June 28, it will block five major exchanges including Bybit and OKX. What is the reason behind this?

The Thailand Securities and Exchange Commission (SEC) has made a bold move, directly announcing the blocking of five mainstream cryptocurrency exchanges including Bybit, 1000X, CoinEx, OKX, and XT starting June 28.

What's even harsher is that it's not just a block; they will also file legal lawsuits, claiming these platforms are operating without a license in Thailand and are suspected of conducting illegal digital asset-related business.

In simple terms: You haven't obtained the license I issued, yet you're doing business on my territory? No way, you have to shut down and leave.

Currently, these platforms have not publicly responded, but it is foreseeable that the most affected will definitely be local users in Thailand—suddenly unable to use the platform, funds, contracts, and wallet operations will all need to find alternative solutions temporarily.

In fact, this situation was not entirely without warning; since last year, several countries in Southeast Asia have gradually started to take action against the cryptocurrency industry.

Indonesia had previously imposed restrictions, and now it's Thailand's turn.

Ultimately, if the cryptocurrency industry wants to grow, it must engage with regulation; it cannot rely solely on technology and users to thrive.

However, this situation also serves as a reminder: decentralization is good, but you really shouldn't keep all your money in centralized exchanges. If a ban comes down one day, you won't even be able to log in, and no matter how many assets you have, it's all for nothing.

In other words, the money is yours, but the key is not; the platform can block you whenever it wants, and that is the biggest risk.