《Xu Mingxing speaks out, the storm in the crypto circle has just begun》
OKX founder Xu Mingxing rarely expresses:
"We will review the sources of user funds and clear out loan-based traders."
In a nutshell, this officially marks the beginning of a "comprehensive cleansing" in the crypto circle.
1. This is not platform risk control; policy has taken action.
As the exchange with the deepest "semi-state-owned" background, OKX's proactive cooperation in clearing out loan users indicates that this wave is not voluntary but a "policy directive."
Xu Mingxing has always been tough; he has previously handed corrupt employees directly to the judiciary. His personal involvement this time is certainly not a trivial matter.
2. The storm has long been signaled.
In February this year: It was reported that the UAE plans to invest $2 billion in Binance, raising alarm about "capital outflow" at high levels.
By the end of May: Sun Yuchen appeared at a Trump dinner, prompting regulators to accelerate tightening.
Multiple regions have successively strengthened fund reviews, **the "blocking" of virtual currency inflows and outflows** has become the new norm.
3. Core targets of the crackdown: loan-based trading + high leverage + suspicious funds.
The focus of this round of rectification is very clear:
Prevent loan-based trading: to avoid margin calls affecting the banking system.
Control high-leverage speculation: contracts + OTC arbitrage have become key monitoring targets.
Restrict capital outflow pathways: all withdrawal paths from exchanges are comprehensively limited.
4. What’s the outcome? The crypto circle is being "restructured."
Don’t fantasize about the era of "barbaric growth" anymore.
This is not an upgrade of the platform's risk control system; it is the regulation upgrading the crypto system itself.
This reshuffle will:
Clear out a batch of high-leverage gamblers.
Block a batch of illegal withdrawal channels.
Force platforms to transform into "fully compliant" entities.
This round of cleansing is not just a "rectification" —
but a forced turning point for the crypto circle to move from the gray area to a regulated market.
For friends still leveraging and trading with loans, I advise you:
If you don’t adjust your strategy now, the next wave may just "clear you out."
