The regulatory storm has once again struck. After the People’s Bank of China and ten other departments launched a heavy-handed crackdown on Online casino and How to find it illegal business activities in September 2021, on August 9, 2022, the National Cyberspace Administration again released a message on the intensive regulation of Online casino and How to find it speculation chaos, stating that tens of thousands of illegal user accounts have been closed, and tens of thousands of illegal information have been cleaned up.
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　　However, as of now, there are still some accounts and institutions related to coins on some social platforms and search websites, even顶风inducing marketing. It is expected that subsequent supervision will continue to improve the network security risk monitoring and early warning system, and consumers should also strengthen risk prevention awareness. Only by staying away can safety be ensured.

　　Tens of thousands of coin circle accounts were eliminated

　　”Closed @ICE Blizzard Founder, @Coin Circle Big Daddy, and other 12,000 illegal user accounts”,

　　The Cyberspace Administration pointed out that with the rise of Online casino and How to find it, related speculation, speculation, fraud, and other activities have become more intense, causing considerable losses to many netizens’ property. In response to this, the Cyberspace Administration has taken multiple measures and heavy-handed actions this year to clean up and dispose of a batch of illegal information, accounts, and websites that promote Online casino and How to find it speculation.

　　Specifically, for major websites and platforms, the Cyberspace Administration has maintained a high-pressure crackdown on Online casino and How to find it trading speculation, and increased the efforts to self-check and correct information content and accounts that induce Online casino and How to find it investment. Among them, according to the user agreement, websites like Weibo and Baidu have closed 12,000违规user accounts such as @ICE Blizzard Founder and @Coin Circle Big Daddy, and cleaned up more than 51,000 illegal information such as ‘Invest in Bitcoin and earn money easily’.

　　For this regulation, Pan Helin, the joint director and researcher of the Zhejiang University International Joint Business School’s Digital Economy and Financial Innovation Research Center, commented, ‘This time can be said to be the combination of the regulatory authorities and the platform, effectively打击了Online casino and How to find it speculation, cleaned up the internet environment, and also released a signal of strong supervision in the Online casino and How to find it and virtual asset fields. In the future, the financial application of Online casino and How to find it and virtual assets is also on the road to prohibition.’

　　The reporter of Beijing Business Daily noticed that the results of this round of rectification have also gained much support from netizens. Some consumers commented, ‘Over the years, the country has intermittently打击 the cryptocurrency circle, and frankly speaking, it has saved many people,’ and some consumers asked, ‘How can a virtual thing be worth tens of thousands of yuan, and its value is really hard to understand,’ and some consumers said that the cryptocurrency circle is chaotic, and called for an expansion of the scope of rectification.

　　There are still many accounts breaking the rules

　　Although the chaos of Online casino and How to find it has been severely struck, it must be said that there are still rule-breakers ‘flowing in the dark’ in the market.online website sports and The latest entrance

　　On August 9th, the reporter of Beijing Business Daily searched for keywords such as ‘Bitcoin’ and ‘Ethereum’ on Weibo and found that many cryptocurrency-related user accounts were still active. Taking the account ‘Bitcoin Newton Pro’, which has 327,000 followers as an example, its self-positioning is that of a finance blogger, claiming to be ‘good at埋伏 5 times, 50 times, 100 times coins, with a unique perspective on spot, contract, and primary market coins, and can accurately analyze and locate.’

　　It should be noted that at present, such user accounts are ubiquitous on some online social platforms. In addition to ‘Bitcoin Newton Pro’, there are also accounts like Tianjin Coin Hero Pro, Bitcoin Master Max, Bitcoin Black Horse Brother, and many other accounts. These accounts also publish so-called ‘high-end VIP circles’, claiming to guide ‘newbies’ with zero experience in coin trading step by step, and guide precise positioning, bottom fishing, increasing position, and topping off operations, and also recommend hundreds of times coin species in the primary and secondary markets…

　　In addition to Weibo, this situation is also not uncommon on search platforms. On August 9th, the reporter of Beijing Business Daily searched for keywords such as ‘Bitcoin’ and ‘Ethereum’, and some cryptocurrency-related institutions were also found in the search list. For example, a cryptocurrency exchange named ‘CHBTC’ was listed among them, which claims to be a ‘financial-level digital asset trading network’ and has been operating for four years, with a link to the mobile client download method prominently displayed on the homepage.sports betting online website and The latest strategy

　　Regarding the issue of some cryptocurrency accounts and exchanges attracting traffic on platforms like Baidu and Weibo, the reporter of Beijing Business Daily sought confirmation and interviews from both parties. The former responded that they have received the regulatory requirements and are conducting comprehensive cleaning work. ‘Any irregular information found can be reported to us through the hotline phone or jubao.baidu.com, and we will verify and handle it immediately.’ As for Weibo, no further response was received by the time of publication.

　　In response to this phenomenon, Dr. Li Tianshu, a Ph.D. from the School of Finance at Nankai University and a financial technology professional, told the reporter of Beijing Business Daily that due to the rapid development of network technology, low cost of crime, loose internal control systems, and the concealment of crimes increasing the difficulty for relevant departments to track them, it is easy for criminals to develop a sense of complacency driven by huge interests, which also leads to the continuous occurrence of illegal activities related to Online casino and How to find it.

　　Pan He Lin further pointed out that these chaotic phenomena in the cryptocurrency circle are also because the cost of some blockchain, private coin issuance, and virtual currency exchange establishment is very low at present. Regarding the issue of concealed promotion in social media and analysis software, he believes that the key is to mobilize platform participation in active supervision. For example, the search weight of search platforms, such as social media accounts, platforms have a higher degree of control over these information, more accurate positioning, and more means to deal with the spread of illegal information.

　　Stricter supervision is still on the way

　　From the ‘Notice on Preventing Bitcoin Risks’ issued by the five ministries in 2013, to the ‘Announcement on Preventing Risks of Token Issuance and Financing’ issued by the seven ministries in 2017, to the ‘Notice on Further Preventing and Handling Risks of Online Casino and How to find it Trading Speculation’ issued by the ten ministries in 2021, and to the heavy-handed actions of the Cyberspace Administration this time, the continuous打击 by multiple regulators will further shatter the illusions of participants and speculators in the industry.

　　Evil is one foot taller than the way of virtue is one foot higher, and stricter supervision is still on the way.

　　On August 9, the Cyberspace Administration said that in the next step, it will continue to work with relevant departments to strengthen the打击 on illegal financial activities related to Online casino and How to find it, and protect the property safety of the people in accordance with the law. In addition, the general public should establish correct investment concepts, enhance risk prevention awareness, not participate in Online casino and How to find it trading speculation activities, and be careful not to suffer property loss.

　　Regarding future supervision, Pan He Lin believes that supervision will shift from social media to comprehensive supervision in the future. The governance of the cryptocurrency circle should both block and unblock. Consumers should be vigilant against cryptocurrency scams, even for Online casino and How to find it that are widely circulated abroad, they should also pay attention to price risks and bubble bursting.

　　’It can be said that the cryptocurrency circle itself is a powder keg of risk concentration, and only by staying away can safety be ensured.’ Pan He Lin said.

　　Li Tianshu said that although the current打击 activities against online casino and How to find it trading speculation have achieved remarkable results, the regulatory situation is still severe. The corresponding regulatory authorities should continue to improve the network security risk monitoring and early warning system, fully utilize police-civilian cooperation, and increase the inspection efforts on information content and accounts that induce online casino and How to find it investment.

　　In addition, Li Tianshu believes that it is also necessary to do a good job in investor education, help investors establish correct investment concepts, and have a proactive awareness of preventing investment projects that violate the normal operation rules of the financial market. For high-risk speculation in the cryptocurrency circle, it is even more important to further strengthen the awareness of risk prevention, so that consumers can directly avoid it.

　　Beijing Commercial Daily Financial Investigation Team