Let's not discuss users' rights and wrongs for now, but rather talk about the exchanges.

According to the notice jointly issued by ten ministries of the country on "Further Preventing and Dealing with the Risks of Speculation in Virtual Currency Trading" and related policy documents, combined with the latest judicial interpretations:

(1) Cleanup of domestic and foreign trading platforms. The document clearly requires a complete ban on domestic virtual currency trading platforms and strengthens the supervision of foreign platforms providing services to domestic residents. For example, if a foreign exchange provides trading, exchange, and other services to domestic users via the internet, its domestic staff and those who assist in providing technical support, payment, and settlement will be held criminally liable.

(2) Financial institutions are prohibited from participating. Financial institutions and non-bank payment institutions are not allowed to provide services such as account opening, fund transfer, and clearing and settlement for virtual currency trading.

(3) Trading between citizens is not prohibited. Transactions of virtual currencies between individuals are considered acts of trade between citizens, and according to the civil behavior rule of "what is not explicitly prohibited by law is permissible," virtual currency transactions between individuals do not constitute illegal behavior.