Georgian Offshore Banking

Why is the cryptocurrency market so quiet this year?

There’s no other reason, it’s simply because trading USDT is under strict control, making it difficult to deposit or withdraw funds; buying is troublesome and selling is also troublesome.

Fraud prevention is monitored not only from the app side but also from the Alipay, WeChat, and bank card interfaces, making it seem like virtual currencies are completely blocked. Now, virtual currencies are completely mixed with the black and gray industry chain, making it impossible to distinguish between them. If you buy or sell USDT, you will definitely be investigated.

Who knows what you bought it for? Is it to buy virtual currency, or for online gambling, or fraud, or something else....

This year, I was visited by the police twice after buying USDT; you can imagine how annoying that is. The fraud prevention side is even harsher; when they call, it feels like they are just about to scold you.

Now, buying and selling USDT, even if the funds are fine, you might face fines, confiscation, or even imprisonment. For example, someone was convicted for "helping an exchange withdraw funds", and the exchange was treated as a casino. If you use RMB to buy USDT, transfer it to the exchange to sell, and receive payment using an overseas card, you might be classified as “illegally exchanging foreign currency.”

USDT can be earned through airdrops or trading, which is also controversial, but it's not hard to find reasons for a conviction.
Now, the trend is “offshore fishing”, where local police generate revenue from cases, targeting whichever field is easier to exploit. Besides preventing online fraud, ordinary people also need to guard against their funds being confiscated, as two groups of people are eyeing your money.