Xu Mingxing speaks out, the real storm has just begun
Xu Mingxing, the founder of OKX, recently made a rare statement: he will review the sources of user funds and clear out borrowers involved in cryptocurrency trading, marking a formal upgrade in domestic regulation of the virtual currency market.
This storm has long been in the making. As early as February, Liangxi learned that the UAE planned to invest $2 billion in Binance; by the end of May, Sun Yuchen appeared at a Trump dinner, drawing high-level attention to the issue of capital outflows, and regulatory direction quickly shifted to tightening.
Xu Mingxing has always been tough; he once directly handed over cases of employee corruption to judicial authorities. Now, his proactive clearing of loan users indicates that this is driven by policy, not voluntary on the part of the platform. It is not surprising that OKX, which has the deepest background of “semi-nationalization,” took the lead in making a statement, and other platforms are expected to follow suit.
The core of this round of regulation is to prevent capital outflows, curb high-leverage speculation, and avoid more people losing their fortunes due to borrowing for cryptocurrency trading. The cryptocurrency industry is accelerating into a fully compliant era, and this round of cleansing is not only about risk control but also about systemic reconstruction.
You ask him: "Why hasn't the commission been refunded yet?"
He says: "I can't be bothered."
But this person will complain for half an hour if their taxi fare is 2 yuan more,
or write a lengthy "rights protection article" to customer service if the takeaway coupon is 3 yuan short.
Stop playing the "lazy person act"; the platform doesn't care about feelings, only data. Isn't it uncomfortable to save some money to get a foot massage? The money saved will turn into your sister's hand resting on your leg.
Big Hair Warning! Binance ALPHA airdrops SaharaLabs on June 26, this time it’s really going to surge! Content: Finally waiting for it! Binance ALPHA officially announces airdrop of $SAHARA on June 26—— 🔥 Why "Big Hair"? 1️⃣ Strong Background: Sahara AI completed its IPO with a valuation of 600 million, already listed on OKEx spot, and there is strong anticipation for Binance spot! 2️⃣ Lessons from ALPHA: Last time $SPK surged to $200, proving it’s not that the platform is weak, but the project must be the right choice! Solayer airdrop had a maximum return of 9 times, and this time the fundamentals of SAHARA are even stronger, potential is expected! 3️⃣ Strategy Suggestions: Veteran players have already accumulated points and are waiting on page 3, new users should quickly check the ALPHA points rules! If it replicates Solayer's trend, early recipients may gain excessive returns again! ⚠️ Key Actions: Ensure points meet standards before the 26th (details will be announced) Follow the Binance ALPHA event page, and be quick with your hands!
《Thank you, Alpha, for teaching me how to calculate Gas fees to get by🙏》 "All resignations → Scores defy the heavens and change fate↑ I’m in awe of this operation! Three eating accounts have given up, leaving two 245-point orphan accounts hanging on, The luxurious package of double eating + lightning-fast resignation is already booked✅ Burning Gas for 1 more day? Consider it a gift for the exchange🎁
Oh no, this little buddy has been playing on the platform for three years, and without realizing it, the transaction fees have reached 2 million RMB.
🎈 Open [Contract] - [Today's Profit and Loss] - [Funding Costs and Transaction Fees],
you can clearly see all the transaction fee expenses incurred in the past year. 🤷♂️
🪂 Money that needs to be spent should be spent, but we should never waste what can be saved.
If you have been following my content for a long time and are willing to support me, you can check out my homepage.
💡 Transaction fees are one of the biggest costs in trading,
I provide you with the most professional, transparent, and stable fee optimization plan:
🔹 Professional: Any issues encountered will have dedicated personnel to assist in resolving them. 🔹 Permanent: As long as you incur transaction fees, you will continuously receive rebates, permanently valid. 🔹 Transparent: All data can be checked in real-time, clear and straightforward. 🔹 Stable: The BN rebate mechanism has been operating stably for 3 years, relying on reputation and trust, with fixed weekly returns.
✅ Make your trading more worry-free and save more on transaction fees!
Offline cash transactions for selling U lead to big trouble! Beware of these behaviors!
Recently, a friend's lawyer told me that there has been a surge in cash transactions for U cases, and many people have been arrested for these actions. Counting the common points of these cases, you must remain vigilant! Transaction method: buying and selling U in cash, usually through on-site transactions, paying in cash, completely without going through a legitimate trading platform. Transaction amount: a single cash transaction of hundreds of thousands is particularly likely to raise suspicion from public security authorities. Identity not verified: during the transaction process, U traders usually do not verify the other party's identity and do not check the source of the funds, as long as the transaction is successful.
Selling USDT for cash and getting investigated? If you are unclear about these three questions, you may be criminally detained!
Selling USDT offline for cash transactions seems simple and safe, but once investigated, the officer will ask you three questions. If you can't answer them, it will be a problem: 1️⃣ Why choose cash transactions? The exchange is legitimate and transparent, yet you choose cash transactions. Are you intentionally trying to evade investigation? 2️⃣ Who is the trading counterparty? Are you clear about the other party's true identity? Are they an ordinary investor, or someone involved in fraud or money laundering? 3️⃣ Is the source of funds safe? How do you confirm that the cash you received is legal? Have you checked the purpose of the funds? What behavior is the most dangerous?
Making millions from trading: Legal risk analysis: Will profits be confiscated? Will my card be frozen?
Many friends ask, if I make millions from trading, can I safely cash out? Will the profits be confiscated? Will my bank card be frozen? Could I even be involved in a crime? To clarify this, I consulted a lawyer and provide answers for everyone: Is personal trading of cryptocurrencies illegal? In simple terms, personal trading of virtual currencies is not illegal. The law only strictly regulates behaviors such as platform operations and token issuance; ordinary people buying and selling cryptocurrencies are not within the scope of regulatory penalties. Will profits be confiscated? At this stage, the law does not stipulate that profits from trading virtual currencies must be confiscated. Profits made from trading are the result of individual risk-bearing, and no one can forcibly confiscate them.
Your wallet was stolen? Anti-fraud guide and key points for recovery!
In a U-buy and U-sell transaction, if the other party asks you to register a new wallet, especially for certain designated tools (such as a certain Web3 wallet), you may be entering a scam. The following is a detailed explanation: The scam The other party asks you to create a new wallet on the pretext of a transaction and personally guides you on the operation. The first transaction is a small test, there is no problem with cashing out, so lower your vigilance. When it comes to large transactions, they take advantage of the wallet's multi-signature or other loopholes to quickly transfer the funds after you receive the U. Can it be recovered? On-chain evidence is complete : If the stolen U eventually flows into a centralized exchange and can be linked to the other party's real-name account or offline trader, the police can file a case and investigate and hold the person accountable for fraud or theft.
Can losses be reported? Understand these two situations!
Yesterday, I discussed a hot topic with my lawyer friend: can a case be filed to recover losses in the event of contract losses? Some people switch to USDT and make contracts, only to face liquidation and lose hundreds of thousands in a short period, or even get scammed into unknown exchanges. Today, I will break down for everyone: which losses can be filed, and which are at their own risk. First type: Losses on major platforms are at one's own risk. If you make contracts on well-known exchanges (like a certain Yi or a certain An) and fail to predict the rise or fall, for example, if Bitcoin or Dogecoin's trend does not meet expectations, resulting in losses, this is completely market risk and does not constitute a criminal case; public security organs will not intervene.
Left-side and Right-side Trading, Which One is Right for You?
Left-side trading: Taking action before the market is clear. For example, buying the dip during a downturn, believing that the market is about to reverse. This approach is suitable for those who are willing to take risks and have strong judgment about the market. The risk is high, but the potential returns are enormous. Right-side trading: Waiting for the market to give clear signals, then following the trend. For example, buying after the price breaks through important resistance levels. This method is suitable for more conservative investors; although the profit potential may be smaller, the success rate is higher.Summary: Left-side trading is 'prediction,' while right-side trading is 'confirmation.' Which one to choose depends on whether you seek high returns or stable growth.
「Crypto Terms Series | Must-See Quick Guide for Beginners」
Cryptocurrency terms may seem profound, but if you break them down, they are easy to understand! Beginners can quickly get started, hurry up and bookmark this quick guide👇 1️⃣ Full Position What does it mean? It means going all in! Invest all the money you have into a certain coin, and if it rises, you'll be extremely happy; if it falls, you'll just cry silently💸. 2️⃣ Add Position What to do if you bought at a high price? Buy some more when the price drops to lower the average cost. But be careful, sometimes the more you add, the more you lose😂. 3️⃣ Add Position Think the market is about to take off? Buy more if you've already bought some, amplify your profits🚀. 4️⃣ Build Position This is the opening line for buying coins! Use your available funds to buy a certain coin for the first time, officially entering the market~
Interpretation of the Impact of the 2024 New Regulations on Virtual Currency Transactions
On December 1, 2024, the (Telecom Network Fraud and Associated Illegal Crime Punishment Measures) jointly issued by the Ministry of Public Security and other departments officially takes effect. This new regulation stipulates that once virtual currency transactions are determined to be related to telecom fraud and associated crimes, all bank cards and phone cards under your name may be frozen, and you will also face credit punishment. So, will all virtual currency transaction activities be punished? After consulting with lawyer friends in detail, I learned that the answer is: only activities related to telecom fraud and associated crimes, or lending bank cards, phone cards, etc., will be punished. In other words, mere virtual currency transactions will not be punished.
What to do if your bank card is frozen after trading coins and selling U? Prepare this evidence to unfreeze smoothly without refunds!
If your bank card is frozen due to receiving illicit funds from selling U during trading, here are the evidence and materials you need to prepare in order to prove your innocence to the public security organs, successfully unfreeze your account, and avoid refunds: First, the original deposit evidence for buying U You must provide the deposit proof for the initial purchase of USDT. Without this evidence, you cannot prove the legitimate source of U. If the purchase was made a long time ago, you can contact the exchange's customer service to retrieve the relevant transaction records. Second, the U sale order and the other party's real-name information Provide the order information for selling U, especially the real-name information of the bank card related to the payee. This can help the public security organs restore the truth of the transaction. If you have chat records or other communication methods with the other party, remember to provide them as well, to increase the reliability of the evidence.
Three Major Legal Red Lines in Virtual Currency Trading: Risks and Responsibilities Exist Together
Virtual currency trading may seem like a modern investment method, but if one is not aware of the legal risks, crossing the red line could result in a frozen bank card at best, or facing criminal prosecution at worst. Here are the three major legal red lines that cannot be crossed when trading virtual currencies: First, selling USDT to inexperienced 'novices' If you sell USDT to inexperienced newcomers, and they are defrauded during the investment process, even if you have completed the transaction, the public security authorities may treat you as a suspect, freeze your receiving account, and even initiate criminal accountability procedures. Second, offline cash transactions of USDT
Beware of Virtual Currency Arbitrage; It May Become a Money Laundering Tool
Recently, some group friends are keen on transferring virtual currency on certain platforms, earning a difference of 1-2 cents. For example, they might earn 200 yuan by investing 10,000 yuan, and through such operations, they can make thousands of yuan in just a few days. However, behind this seemingly simple arbitrage may be a trap; you are actually helping gambling platforms with payment settlements and may even be involved in illegal activities. These platforms usually only offer a certain type of virtual currency (such as wave currency), which has very little price fluctuation. For example, the buying price is 0.99, and the selling price is 1.01, and the difference is your source of profit. However, what you don't know is that the real purpose of these coins is not investment, but rather a tool for platforms to settle accounts for gamblers. In other words, your transactions are actually helping these platforms with fund transfers and money laundering.