Why doesn't China allow the existence of virtual currency trading platforms?
From one perspective: no boasting crime.
Look at bn's API documentation and Github; anyone with a little programming knowledge can quickly get started with trading. Real-time market data is free, without any nonsense L1/L2 fees, directly opening up 5000 order book queries and incremental push notifications, even historical market data can be downloaded for free; direct exchange account opening, without brokers making a profit from the spread and reselling information; it also supports x125 leverage, 30 sub-accounts, spot futures/options/wealth management/lending, etc., everything is taken care of by one exchange. Simply put, compared to our formal securities/futures exchanges, the gap between bn and them is greater than the gap between Alipay and traditional online banking back in the day, and it may not even be inferior in terms of credibility compared to certain bandit-run institutions.
That said, bn's talent and financial strength probably can't compare to Shanghai and Shenzhen; their matching speed, stability, and uptime hard power should also be inferior, but they are already a generation ahead in terms of service content and concepts, which domestic formal exchanges and securities companies should seriously reflect on and learn from. After spending so much money and nurturing so many people, what are they doing?
Recently planning to ambush a potential coin, aiming for a starting doubling, with expected growth possibly exceeding 10 times. If interested, feel free to discuss in the comments!