Crack down on Cryptocurrency Trading, maintain high pressure!

Just yesterday, the central bank held a meeting with 13 departments including the police, courts, and prosecutors to take a combined approach against Cryptocurrency Trading speculation.

This crackdown is higher in coordination level and wider in scope compared to previous ones.

The targets of the impact mainly focus on the following aspects:

1/ OTC Trading: Individuals or coin merchants conduct deposit and withdrawal activities through Alipay, bank cards, and the payment of previously suspended accounts involved in virtual currency trading using big data, making the capital chain a key monitoring target.

2/ Stablecoin Activities: The conference once again clarified the warning about the illegal cross-border transactions and money laundering risks associated with "stablecoins". Using stablecoins for transactions will become a key focus of the next phase of the crackdown.

3/ Illegal fundraising and fraud: Any fundraising, pyramid scheme, or financial fraud activities that promise high returns under the name of virtual currency.

Still the same statement, for the vast majority of retail investors, 99% of legal risks occur at the "deposit and withdrawal" step.

After this meeting, the crackdown will be further strengthened, and both deposits and withdrawals must be handled with extreme caution. Channels such as Hong Kong cards may become a necessity.