Currently, the channels for entering and exiting the cryptocurrency market have been blocked, leading to three core issues:

First, payment channels are completely obstructed.

Transacting USDT via Alipay / WeChat / bank cards triggers risk control in over half of the cases. Data from a certain platform shows that from January to March this year, the OTC transaction interception rate reached 68%, requiring users to change payment methods an average of 3 times per transaction. More seriously, some users have received text message warnings stating "virtual currency trading is suspected of being illegal" and have even been asked to cooperate with investigations.

Second, bank accounts have become high-risk zones.

Since the beginning of this year, over 23,000 bank cards in the Shenzhen area have been frozen due to involvement in virtual currency transactions. The unfreezing process requires the submission of 12 proof materials (including transaction contracts, proof of fund sources, etc.), taking an average of 27 working days. Moreover, 13% of cases have been transferred to criminal investigation departments, facing the risk of "aiding and abetting" charges.

Third, policy enforcement is disconnected from reality.

Data from a certain province's anti-fraud center shows that the proportion of virtual currency transactions among fraud-related funds has decreased from 18% in 2023 to 6%, yet grassroots efforts still focus on it as a key target for crackdown. An officer from a certain police station revealed: "Now, if virtual currency trading is discovered, a case will be filed; fulfilling KPIs relies entirely on this."

Currently, there’s dark humor circulating in the community:

Buying coins feels like an underground party meeting, with the codeword changing from "receive U" to "receive baby formula". Selling coins is more tense than selling drugs, and every transaction requires checking the counterpart's ancestry. The worst affected are the exchanges, with daily trading volume plummeting by 82%, and no one answering the customer service hotline.

User feedback from a certain platform:

"Just used an overseas card to deposit, and the bank sent a letter warning about illegal currency exchange."

"Posted OTC for 2 hours, and had 5 waves of police add me on WeChat."

"Now even cryptocurrency scammers have turned to AI scams, saying the market here is too poor."

The current issue is not whether to regulate, but how to find a balance between combating crime and protecting investors. Fellow seasoned investors, how many times have you been wrongly affected?