Has the storm arrived? China's heavy-handed crackdown on the crypto space, where is the way out for ordinary players?
A piece of official document, a cold wave. When the regulatory iron fist falls again, China's crypto world seems to have been muted.
1. Iron-fisted rectification: illegal definition and legal vacuum
This time, the regulatory language is unprecedentedly severe. The label of "illegal financial activities" has been firmly placed, drawing clear red lines. The most deadly part is that "transactions are not protected by law"—this means that once you encounter freezing, theft, or trading disputes, the chat records and transfer vouchers that you previously regarded as a lifeline may instantly turn into a pile of scrap paper in court.
2. Survival dilemma: no way in, no way out
"Entering funds" is as difficult as ascending to the sky: the once convenient OTC channels are rapidly narrowing, and how to safely and compliantly convert RMB into U has become a "moat" in front of all newcomers.
"Exiting funds" is fraught with dangers: even if you successfully profit, the path to cashing out is full of traps. The frequent triggering of bank risk controls and potential "frozen card" crises make every sale feel like a gamble. Newcomers who do not understand the rules may not only lose everything but also inadvertently touch the legal red line.
3. Deep logic: capital outflow and "symptomatic treatment"
Can a simple and brutal "one-size-fits-all" really solve the problem? The "9.4" incident in 2017 is seen by many as a historic missed opportunity. When blocking replaced guiding, and bans replaced regulation, are we merely repeating the cycle of "symptomatic treatment rather than treating the root cause"? The root of the problem—the public's urgent demand for asset preservation and appreciation, and the desire for diversified investment channels—still exists.
4. Where to go from here: a mantis trying to stop a car and the suffering of the grassroots
In the face of the trend, the power of any individual is like a mantis trying to stop a car. The sad paradox is that true whales always have channels and means to transfer assets, while ordinary retail investors, who suffer from information lag and resource scarcity, often become the bearers of the final cost. This is not only a risk of the market but also a structural helplessness.
Be cautious, be more cautious. Surviving is more important than anything else.
