#数字货币市场洞察 This wave of regulation is hitting harder than expected. Many people are still on the sidelines, but in reality, the gray areas have already been precisely targeted.

First, those running "point-running" businesses with USDT. In the past, people did OTC currency exchange and made a bit of profit from fee differences, but now this is directly classified as illegal financial activity. The moment the line is drawn on fund payments and settlements, it’s basically a death sentence. What's even trickier is that suspicious transaction records from the past may now be investigated.

Life isn't easy for tech developers either. The previously hyped anonymous wallets, mixers, and cross-chain bridges? Now, these tools can easily be labeled as "aiding crime." Anyone providing related services could step on legal landmines at any time.

As for project teams, that's even more obvious—issuing tokens, pumping prices, hiring people to hype things up, all of these are now considered illegal financial activities. Not only are the project teams themselves at risk, but even domestic promotion teams and marketing partners could be implicated.

What about regular users? Simply holding tokens might not be illegal yet, but the problem is you can hardly find any legal way to participate. Trading is hindered, and if something goes wrong, you have no legal recourse. Got scammed? Sorry, you might not even find anyone to take your report.

To put it bluntly, this round is about squeezing the space for virtual currency activities in China to the absolute limit, cutting off any potential for money laundering or fraud.

I'm not exaggerating. If this purge really removes the cancer from the industry, it might not be a bad thing for long-term development. For those who want to keep playing, you'll either have to go fully overseas and target international markets, or wait for policy relaxation and get compliant qualifications. But the most practical problem right now is: figure out how to survive this round first.