#数字货币市场洞察 This round 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.

Let’s start with those running “point-running” businesses with USDT. Previously, people would help others exchange currency off-market and make a little profit from the fee difference, but now this is directly classified as illegal financial activity. Drawing the line at fund payment and settlement basically spells a death sentence for them. What’s even more troublesome is that suspicious transaction records from before might be dug up and investigated.

Technical developers aren’t having an easy time either. The previously praised anonymous wallets, mixers, and cross-chain bridges? These tools can now easily be labeled as “aiding criminal activity.” Anyone providing related services could cross legal red lines at any moment.

As for project teams, it goes without saying—issuing tokens, pumping prices, hiring people to hype up projects—these operations are now all considered illegal financial activities. Not only are the project teams themselves at risk, but even domestic marketing teams and partners could be implicated.

What about ordinary users? Simply holding coins might not be illegal, but the problem is, you can hardly find any legal channels to participate anymore. Buying and selling are obstructed, and if something goes wrong, you have no legal avenues to seek recourse. Got scammed? Sorry, you might not even find anyone to take your report.

To put it bluntly, this is about squeezing the space for virtual currency activities in the country to the absolute minimum, cutting off its potential for money laundering and fraud.

I’m not trying to sound alarmist. If this purge truly removes the cancerous parts of the industry, it may not be a bad thing for long-term development. For those who want to continue, either go fully overseas and target international markets, or wait for policies to loosen and obtain compliance qualifications. But the most pressing issue right now is: figure out how to survive this phase first.