The "Zhejiang Finance" explosion refers to Zhejiang Financial Assets Trading Center Co., Ltd. (abbreviated as "Zhejiang Financial Center"). At the beginning of 2025, it was renamed Zhejiang Zhejin Asset Operation Co., Ltd., and in October 2024, its qualifications for financial asset trading were revoked by the Zhejiang Local Financial Regulatory Bureau. The products involved in this explosion mostly include the credit enhancement of Xiangyuan Holdings and income rights products related to real estate, promising an annualized return of 4%-5%, but due to difficulties in repayment from real estate companies, they cannot be redeemed.

Currently, the fixed deposit rates of major banks are generally only around 1%, with 1 year: 0.95% (Postal Savings 0.98%), 2 years: 1.05%, 3 years: 1.25%, 5 years: 1.30%. However, the financial products from Zhejiang Financial Center that promise an annualized return of 4%-5% have exploded, and the banks' own profitability levels are limited; returns that far exceed bank rates inevitably come with risks. The past situation where low annualized financial products had relatively low risks is now a thing of the past. Nowadays, products that offer returns higher than bank rates inherently carry risk.

Now you understand how safe it is to put money in Binance, right? If those who invested in Zhejiang Financial Center had instead placed their money in Binance, they would definitely be laughing in their sleep now.