I'm sure everyone knows that Alipay has completely banned virtual currency transactions, causing OTC to plummet by 47%. It can only be said that entry and exit are becoming increasingly difficult. Do you still dare to receive USDT from WeChat?
How much does the over-the-counter trading ecosystem really rely on Alipay?
On the afternoon of June 21, Alipay issued an official statement: 'We will comprehensively prohibit virtual currency trading from multiple dimensions, including transaction monitoring, payment interception, merchant management, and risk warnings.'
In just 24 hours: OTC trading volume plummeted by 47%, over 3000 accounts were restricted from receiving payments, and the channels for USDT entry and exit in the crypto space were directly blown up. You read that right, Alipay is not just 'cooperating with regulation' this time, but is seriously clearing traces of OTC trading. This operation directly cut off the lifeline of OTC trading.
Why has Alipay really taken such a strong stance this time?
❗ The regulatory attitude has clearly shifted to the 'operational level':
2017 was 'policy halted',
2021 was 'cooperating with lockdowns',
After 2024, it's 'the payment system taking the initiative'.
From assistance to proactive firewall, this means that the government red lines have no buffer space.
❗ AI trading profiles + big data risk control have matured:
When we think we are discreetly collecting coins, in fact, transaction paths, chat records, and counterpart account labels may have already been classified as 'high-risk virtual currency behavior' by automated systems. When I mentioned 🥥 coconut chicken hotpot, my phone has been pushing coconut chicken-related food to me from time to time these days. I have to say that big data is very mature now 😦
❗ OTC has become the 'entry and exit' for black and gray industries:
Many scams and fund transfers ultimately cannot avoid this step: WeChat/Alipay → USDT → Anonymous wallet. Payment platforms no longer want to 'clean up' after this chain.
Here are three security tips for capital entry and exit that I've summarized, based on practical experience from veteran players in the crypto space:
✅ Use compliant trading platforms for entry and exit
✅ I personally feel that a multi-layer structure of 'on-chain wallet - relay account - fiat channel' can be constructed:
For example, cold wallet (main storage), on-chain transfer → relay hot wallet (temporary transition), sell on compliant platform → withdraw to real-name bank card. In this way, even if a certain layer has issues, the assets will not be completely frozen.
✅ Reasonable diversification:
Really, don't put all your eggs in one payment tool. If you can avoid using WeChat and Alipay, don't use them. Don't bind all platforms to one bank card. Manage your assets in layers to avoid revealing all your operational habits at once.
✅ Including:
① Offline P2P trading + assistance from third-country accounts
For example, set up a 'transit account' in places like 🇭🇰 Hong Kong, 🇸🇬 Singapore, and 🇦🇪 Dubai.
Buy coins: Transfer via Hong Kong account → Platform recharge → On-chain transfer to cold wallet
Sell coins: Withdraw on-chain to the platform → Withdraw to the transit account → Then transfer to domestic banks
🌰 Breaking away from domestic payment system regulations allows for more flexible entry and exit
Risk requires a trustworthy intermediary or setting up an account abroad, and it must be compliant. (I won't elaborate here, it has been mentioned earlier)
② Switch to bank accounts in crypto-friendly countries/platforms
For example, services like StraitsX in Singapore, Revolut in Lithuania, and KrillPay in Seychelles provide support for stablecoin deposits, some allow withdrawals to local cards or transfers back to home country accounts.
🌰 Gradually build a compliant bridge for long-term layout
This type of suggestion is used for large asset reserves, rather than frequent daily use.
The largest payment platform in the country is personally 'closing the door'.
When you 'extract a portion' from the domestic payment system and build a stable process, that's the true beginning of mature trading.
The golden age of OTC is over; the current 'naked running in the crypto space' is extremely risky, and deposit and withdrawal operations must be re-planned. $BTC
Are you still waiting for the next risk control to prepare? Feel free to share your thoughts in the comments below 👇
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