The regulatory sieve is getting tighter and tighter, and the ‘earthquake’ in the cryptocurrency circle is also becoming more intense. On September 24th, the clarion call for rectifying Online Casino and How to Find It ‘mining’ activities was sounded, and ‘withdrawal’ became the most realistic portrayal of this industry that has been jumping back and forth on the edge of the law. On the afternoon of September 26th, the Huobi Global Station issued an announcement stating that in response to regulatory requirements, it has stopped registering new users in mainland China as of September 24, 2021.

　　Visual China

　　This is just the tip of the iceberg of the cryptocurrency exodus. Domestically, virtual currency trading platforms such as Binance, BIONE, BHEX, and others have announced one after another that they will gradually shut down their services; abroad, South Korea, the United States, and other countries have taken tough measures to regulate the cryptocurrency market. Panic sentiment spread, funds fled one after another, and within 24 hours, the total liquidation in the entire network reached 184 million US dollars, with a value of about 1.19 billion RMB.

　　The ‘epicenter’ of this cryptocurrency exodus is the two notices issued by the regulatory authorities recently, namely, ‘Notice on Rectifying Online Casino and How to Find It ‘Mining’ Activities’ and ‘Notice on Further Preventing and Handling Risks of Speculative Trading in Online Casino and How to Find It Transactions’. The notices propose a comprehensive review and investigation of Online Casino and How to Find It ‘mining’ projects, and also clearly state that related business activities of Online Casino and How to Find It are illegal financial activities. It is also illegal for overseas Online Casino and How to Find It exchanges to provide services to residents within our country through the internet.

　　Under the strict supervision in China, the ‘giants’ of exchanges have been leaving in droves. And in this wave of fierce withdrawal, there are also some platforms that intend to stir up a little ripple of ‘countercurrent’. Reporters from the

　　The road to trading cryptocurrencies is blocked; all business activities related to virtual currencies are illegal.

　　The ‘earthquake’ in the cryptocurrency circle, with its ‘epicenter’ being the two notices issued by the regulators on September 24th, namely the

　　The

　　The aforementioned notice lists the

　　At the same time, financial services to Online casino and How to find it ‘mining’ projects are to be halted. It is prohibited for financial institutions and non-bank payment institutions to provide financial services and various forms of credit support directly or indirectly to Online casino and How to find it ‘mining’ enterprises and projects, and measures shall be taken to recover the loans already issuedonline casino localThe latest plan. Severe打击 is to be launched against all illegal fund-raising and illegal securities issuance activities carried out under the name of Online casino and How to find it ‘mining’.

　　On the same day, the central bank and ten other departments also issued the ‘Notice on Further Preventing and Handling the Risks of Speculation and Manipulation of Online casino and How to find it Transactions’. The notice clearly states that related business activities of Online casino and How to find it are considered illegal financial activities. The exchange, acting as a central counterparty to buy and sell Online casino and How to find it, providing information intermediary and pricing services for Online casino and How to find it trading, token issuance and financing, and trading of Online casino and How to find it derivatives, and all other related business activities of Online casino and How to find it are strictly prohibited and shall be eliminated in accordance with the law.

　　The notice also clarifies that Online casino and How to find it does not have the same legal status as legal currency; the provision of services by overseas Online casino and How to find it exchanges to residents within our country through the internet is also considered illegal financial activity; participating in Online casino and How to find it investment and trading activities involves legal risks, and any legal person, unincorporated organization, or natural person who invests in Online casino and How to find it and related derivative products, and violates public order and good customs, shall be deemed invalid in terms of relevant civil legal acts, and the losses arising therefrom shall be borne by themselves.online casino method and The latest website

　　As a result, on September 24th, the prices of multiple currencies such as BTC, ETH, and DOGE experienced drastic fluctuations, with ETH prices falling by over 7% in one hour and BTC prices falling by nearly 3% in one hour. It is worth mentioning that the prices of online casino and How to find it have suffered a cliff-like decline in recent days, with BTC seeing a monthly decline of about 13%.

　　Xiao Sa, a director of the China Banking Law Research Association, told reporters from the ‘Daily Economic News’ that compared with previous policy regulations, the ‘Notice on Further Preventing and Handling the Speculative Risks of Online Casino and How to find it Trading’ has seven differences: First, it directly points out that USDT belongs to online casino and How to find it and is not protected by Chinese law; Second, providing ‘pricing services’ for virtual currencies is also illegal and will be banned in the future; Third, the ‘information intermediary’ model of virtual currency trading has come to an end and has been categorized as illegal; Fourth, individuals working in domestic exchanges overseas cannot evade legal responsibility; Fifth, contracts involving virtual currency investment and trading are invalid due to violations of public order and good customs; Sixth, the concept of encrypted assets will become a sensitive term and will be the focus of this round of regulation; Seventh, the key crimes to be cracked down on have gradually shifted from previous charges such as organizing and leading pyramid schemes to illegal business operations and fraud crimes.

　　Senior industry experts in online casino and How to find it told reporters that the resurgence of speculation has led to a large number of disruptive behaviors in the financial order. This time, taking lessons from the long fermentation cycle of the internet finance industry risk, the regulatory authorities intervened in a timely manner to regulate. The logical starting point of this round of regulation is the strong financial attributes of virtual currencies, that is, opposing virtual currencies to become financial products (currency, securities, commodities, CDS, etc.).

　　In fact, the rectification campaign against online casinos and mining projects has already been underway, and the intensity of打击 against mining and trading activities of online casinos and mining projects is also increasing. On May 21st, the Financial and Economic Stability and Development Committee of the State Council held its fifty-first meeting, particularly emphasizing the resolute prevention and control of financial risks, the打击 of Bitcoin mining and trading activities, and the坚决 prevention of individual risks from spreading to the social sector. Prior to this, the China Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association jointly issued a public notice on preventing and controlling the speculative risks of online casino and How to find it trading. In addition, Inner Mongolia, Qinghai and other places have also previously rectified and cleaned up relevant mining activities of online casino and How to find it.

　　The above senior personage said that anti-money laundering is the focus of this year’s work, and it is also the expectation of the international community for us. The anonymity of Online casino and How to find it makes it the preferred choice for illegal transactions. In many kidnapping cases, the ransom demanded by the kidnappers is Bitcoin. In order to spend virtual currencies obtained from illegal transactions, exchange media and information intermediaries are needed. This round of regulation may be related to Online casino and How to find it becoming an important tool for money laundering.

　　The withdrawal of exchanges led to nearly 1.2 billion yuan in total liquidations across the entire network within 24 hours!

　　Under strict supervision, the withdrawal of trading platforms, the escape of wallets, the bursting of contracts… a series of chain reactions have followed in the virtual currency industry.

　　On the afternoon of September 26th, Huobi Global issued an announcement stating that in response to regulatory requirements, it has stopped the registration of new users from the mainland of China as of September 24, 2021. For existing users with identity authentication as the mainland of China, it is planned to complete an orderly withdrawal before 24:00 on December 31, 2021, under the premise of ensuring user asset security, and the specific withdrawal details will be notified to users through announcements, emails, in-app messages, and text messages.

　　As one of the major virtual currency trading platforms, Huobi Global’s withdrawal also reflects the main measures currently adopted by virtual currency trading platforms in the face of increasingly strict domestic supervision.

　　Before Huobi, there have been platforms that have made responses. On September 25th, the trading platform BHEX (Coin Core) issued a public notice titled ‘Announcement on the Permanent Closure of Platform Services and the Process of Withdrawal’, stating that in response to the regulatory requirements of various regions around the world and in order to meet the operational requirements of encryption currency laws and regulations in various regions, the BHEX platform will gradually shut down services starting immediately and will only provide withdrawal services after October 9th, and will be permanently and fully closed on October 16, 2021. After the closure of the platform, users will not be able to use all trading functions on the website and APP.

　　On September 24th, the trading platform BiONE announced that it will carry out permanent shutdown maintenance at 24:00 on September 29, 2021. Users are requested to withdraw the holding currencies to other exchanges or wallets before September 29, 2021. Failure to withdraw in time may result in the inability to withdraw, and the platform will not be responsible for it.

　　Earlier, the China Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association jointly issued an announcement on preventing risks of Online casino and How to find it trading speculation, and after cracking down on Online casino and How to find it trading activities, Binance once suspended mobile registration in mainland China.

　　TokenPocket wallet issued an announcement stating that it will terminate relevant functions and services for domestic users, terminate services for third-party DApps that may be related to transactions and do not comply with regulatory documents or laws and regulations, and retain the basic service functions of the wallet (transfer, receipt, DApp browser, etc.). It will provide services to users in regions that comply with relevant regulatory rules and actively cooperate with relevant departments, resolutely investigate and monitor illegal content from third-party platforms.

　　Affected by the suspension of service of Online casino and How to find it giant trading platforms, panic sentiment spread in the Online casino and How to find it market, and funds fled in turn. Coin data shows that by 9:30 pm on September 28, there were 52,700 overseas users who had blown up in the past 24 hours, with the largest single blowup order valued at 5.8 million US dollars, about 37.5 million RMB. In 24 hours, the total blowup across the network reached 184 million US dollars, valued at about 1.19 billion RMB.

　　Small exchanges take advantage of opportunities to attract customers, ensuring ‘they will not run away’.

　　The new regulations once again indicate the regulatory attitude, clarifying the ‘gray areas’ that were not clear in the market for a period of time, and shattering the illusions of coin traders.lottery victory and The latest method

　　But the journalist from ‘Daily Economic News’ noticed that while the ‘giants’ were busy withdrawing, some small platforms were moving restlessly. In some online spaces, many platforms that claim to be normally usable in China have emerged recently, waiting for opportunities to ‘attract customers’ and ‘draw in traffic’.

　　”A website is ranked 15th among non-small accounts and clearly will not withdraw from the domestic market, brothers charge ahead.” During this time, Xiao Liu, a virtual currency trading platform person, was busy posting on the Internet, trying to ‘catch’ investors left behind after the large platforms were cleared out. This引流post did not last long and was deleted, but the journalist noticed that soon after it was deleted, another post quickly ‘filled in the gap’, with a taste of rise and fall.

　　After the journalist left a comment as an investor under the post, Xiao Liu quickly sent the journalist a contact via social software, ‘inviting’ the journalist to chat somewhere else. After adding each other as friends, the journalist noticed that Xiao Liu openly宣扬high virtual currency trading yields in his friend circle.

　　“Are you not going to run away?”

　　“Have you not heard of the A network? It’s a global top 15 exchange.”

　　Xiao Liu repeatedly assured that “there will be no escape, please be assured”. However, the reporter noticed that the A network exchange he mentioned, which is among the top 15 globally, currently has a contract holding of 2.731 billion yuan, while the Binance, ranked first, has 51.811 billion yuan.

　　Not only are they ‘casting a wide net’ to attract customers, but in order to compete for customers leaving large trading platforms, some exchanges have also started the ‘spending money’ model. Registration comes with a gift of USDT, gift experience money… Such promotional slogans are abundant in social software, group chats, and forums, with some even attaching activity pictures and QR codes.

　　At the same time, those who fish in troubled waters have also set their sights on opening exchanges. A person who claims to be a ‘recruiter’ on a social software platform is actively recruiting.

　　“The top-ranked Online Casino and How to Find It platform is globally recruiting agents.” The recruiter said that global agents and channels are being recruited, and qualified channels and agent teams can negotiate cooperation at any time through private messages. They can also charge for building an exchange, with fees ranging from 40,000 to 70,000 yuan, and can switch between multiple languages, as well as help support the development of global customers.

　　Under the heavy hammer of regulation, there are many who repeatedly test the legal red line, and there are not a few who intend to ‘swim a while longer’ during the ‘ebb tide’. Then, will the phenomenon of small virtual currency exchanges operating domestically become the norm? How should it be further regulated? What should investors do?

　　Regarding this, Xiao Sa told the reporter that, according to the current relevant policies and regulatory attitudes, the operation and propaganda and引流 methods of small exchanges in China will not become the norm. The ‘Notice on Further Preventing and Handling the Risks of Online Casino and How to Find It Trading Speculation’, not only classifies a large number of related business activities of Online Casino and How to Find It as illegal financial activities, such as Online Casino and How to Find It derivatives trading and exchange business between Online Casino and How to Find It, but also clearly stipulates that providing services to residents in China through the Internet by overseas Online Casino and How to Find It exchanges also constitutes illegal financial activities.

　　Therefore, small exchanges, whether they are overseas exchanges or so-called domestic exchanges, are suspected of engaging in illegal activities as they continue to operate, and are clearly defined as illegal financial activities by the regulatory authorities. As for their methods of propaganda and引流, they belong to the act of providing marketing and propaganda services to exchanges engaged in illegal operations, which is considered aiding others in illegal financial activities and may also face certain legal risks.

　　As for how to further standardize, Xiao Sa believes that on one hand, citizens and relevant enterprises need to actively cooperate with regulatory agencies, comply with relevant laws, regulations, and policies; on the other hand, regulatory agencies need to correct illegal and irregular phenomena, so that they can further regulate the market environment based on laws and relevant regulations and policies. Under the current situation, investors should invest cautiously, have a comprehensive understanding of pre-investment projects, and prevent losses for themselves due to suspected illegal and criminal activities.

　　Virtual currency regulatory storm sweeps the globe, leaving only 4 exchanges in South Korea

　　Not only domestically, but the virtual currency industry regulatory storm has quietly swept across the globe.

　　South Korea warned last August that the number of fraudulent pseudo-virtual currency investment companies is increasing. In 2019, a total of 186 suspects were investigated by prosecution and police agencies for suspected online casino and How to find it fraud, a 33.8% increase from 139 in 2018. Among them, 92 companies claimed to be involved in online casino and How to find it investments, a 109.1% increase from 48 a year earlier.

　　This year in March, South Korea introduced laws and regulations related to the reporting and utilization of specific financial transaction information, and cryptocurrency exchanges must submit for registration before September 24 and meet certification and real-name bank account requirements, otherwise they will be prohibited from conducting business in South Korea.

　　This also means that unregistered exchanges must cease services after September 24, and exchanges that are registered but have not established banking partnerships will also be prohibited from using Korean won for transactions. According to official data from South Korea, among the current 60-plus exchanges in South Korea, approximately 35 have not obtained the certification required for registration with the financial regulatory authority, and 28 have safety certificates but have not secured banking partnerships.

　　As of now, only four virtual currency exchanges have registered and obtained banking partnerships to settle in Korean won.

　　Moreover, the US Treasury Department recently also added the cryptocurrency exchange Suex to its blacklist, making it the first online casino and How to find it exchange to be sanctioned by the United States.

　　In the past month, the world’s largest cryptocurrency exchange Binance has been banned from providing certain cryptocurrency investment products in the UK, Italy, Germany, the Netherlands, and Japanlottery help and The latest strategy. In addition, the United States is also expanding its investigation of Binance, and it is reported that the United States is investigating whether Binance or its employees have profited from the exploitation of customer trading information. In a statement, a Binance spokesperson said that the company has a

　　Daily Economic News