The regulatory storm strikes again.

Since September 2021, ten departments including the central bank have attacked the illegal business activities of virtual currency, on August 9, 2022, the Cyberspace Administration of the People's Republic of China released the news that it will focus on rectifying the chaos of virtual currency speculation, saying that tens of thousands of virtual currency speculations have been closed. Violating user accounts, clean up tens of thousands of illegal information.

  However, as of now, there are still some currency-related accounts and institutions on some social platforms and search websites, and even induce marketing against the wind. It is expected that follow-up supervision will continue to improve the network security risk monitoring and early warning system, and consumers should Strengthen the awareness of risk prevention, and only by staying away can safety be ensured.

  Tens of thousands of currency circle accounts were killed

  "Close 12,000 illegal user accounts such as the founder of @ICE Blizzard and @Coin Circle Baoye", "clean up more than 51,000 illegal information such as 'investing in bitcoin to make money easily'"... On August 9, the Cyberspace Administration of China announced The news of the centralized rectification involving virtual currency speculation made many people in the currency circle "shiver".

  The Cyberspace Administration of China pointed out that with the rise of virtual currency, speculation, speculation, fraud and other related activities have intensified, and many netizens have suffered great losses in property.

In this regard, since the beginning of this year, the Cyberspace Administration of China has taken many measures to clean up and deal with a batch of illegal information, accounts and websites that promote and hype virtual currency.

  Specifically, for major website platforms, the Cyberspace Administration of China continued to maintain a high-pressure crackdown on virtual currency trading speculation, and intensified efforts to self-check and self-correct information and accounts that induce virtual currency investment.

Among them, Weibo, Baidu and other website platforms closed 12,000 illegal user accounts such as the founder of @ICE Blizzard and @Coin Circle Baoye according to the user agreement, and cleaned up more than 51,000 illegal information such as "investing in bitcoin to make money easily".

  Regarding the rectification, Pan Helin, co-director and researcher of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Business School, commented, "This time, it can be said that the combination of regulators and platforms has effectively cracked down on virtual currency speculation and speculators. The Internet environment has also released a signal of strong supervision in the field of virtual currency and virtual assets. In the future, the financial application of virtual currency and virtual assets is also on the way.”

  A reporter from Beijing Business Daily noticed that the results of this wave of rectification have also won support from many netizens. Some consumers commented that "the domestic currency circle has been attacked intermittently over the years, and to be honest, a lot of people have been saved", and consumers asked, " A virtual thing can be worth hundreds of thousands of yuan, and I really can’t understand its value.” Some consumers said that the current currency circle is full of chaos, and called for the follow-up to increase the scope of rectification.

  There are still multiple accounts illegally retrograde

  Although the chaos of virtual currency speculation has been hit hard again, it has to be said that there are still "undercurrents" of violators in the market.

  Just on August 9, a reporter from Beijing Business Daily searched Weibo for keywords such as "Bitcoin" and "Ethereum", and found that there are still many user accounts related to currency still active, with 327,000 fans. Take the account of "Bitcoin Newton pro" as an example, which positions itself as a financial blogger and claims to be "good at ambushing 5 times, 50 times, and 100 times coins, and has a unique vision for spot, contract, and primary market coins. Precise analysis and positioning".

  It should be noted that there are many such user accounts on some online social platforms at present. In addition to "Bitcoin Newton Pro", there are also Tianjin Bixia Pro, Bitcoin Master Max, Bitcoin Dark Horse and other accounts. These accounts will also publish some so-called "high-end VIP circles", which claim to be able to lead "Xiaobai" to learn how to speculate on coins, and guide precise positions such as opening, bottom-hunting, adding positions, and escaping from tops. Hundreds of currencies in the market...

  In addition to Weibo, this situation is not uncommon on search platforms. On August 9, a reporter from Beijing Business Daily searched for keywords such as "Bitcoin" and "Ethereum", and also found some currency-related institutions on the search list. For example, there is a currency exchange named "CHBTC" among them, which calls itself a "financial-level digital asset trading network", has been operating for four years, and links the mobile client download method in the most prominent position on the homepage.

  In response to the issue of some currency circle accounts and exchanges on platforms such as Baidu and Weibo, Beijing Business Daily reporters asked the two for verification and interviews. The former responded that it had received this requirement from supervision and was conducting a comprehensive cleanup. Work.

"Everyone who finds any illegal information can give us feedback through the hotline or, and we will verify and deal with it as soon as possible." Regarding Weibo, no further response has been received as of press time.

  In response to this phenomenon, Li Tianshu, a Ph.D. and financial technology professional from Nankai University's School of Finance, told the Beijing Business Daily that due to factors such as the rapid development of network technology, low crime costs, and lax internal control systems, at the same time, the concealment of crimes has increased the difficulty of tracking by relevant departments. , Therefore, it is easy for criminals to get lucky under the drive of huge interests, and it also leads to repeated prohibitions on illegal and criminal activities of virtual currency.

  Pan Helin further pointed out that this kind of chaos in the currency circle has been banned repeatedly, also because the current cost of some blockchains, private currency issuance and virtual currency exchanges is very low.

Regarding the hidden promotion of social media and analytical software, he believes that the key is to mobilize platforms to participate in active supervision.

For example, the search weight of the search platform, such as social media accounts, the platform has a higher degree of control over this information, more accurate positioning, and more means to deal with the dissemination of such illegal information.

  Stricter regulation is on the way

  From the "Notice on Preventing Bitcoin Risks" issued by five ministries and commissions in 2013, to the "Announcement on Preventing Token Issuance and Financing Risks" issued by seven ministries in 2017, and then to "On Further Prevention and Disposal of Virtual Currency Transactions" issued by ten ministries and commissions in 2021 "Notice of Hype Risk", and then to the Cyberspace Administration of China's heavy-handed attack, from the perspective of the industry, the continuous crackdown of multi-party supervision will further break the illusions of participants and speculators.

  The magic height is one foot high, and the road is ten feet high, and stricter supervision is still on the way.

  On August 9, the Cyberspace Administration of China said that in the next step, it will continue to work with relevant departments to strengthen the crackdown on illegal financial activities related to virtual currency, and protect the property safety of the people in accordance with the law.

In addition, the majority of netizens should establish a correct investment concept, enhance their awareness of risk prevention, not participate in virtual currency trading speculation activities, and beware of personal property damage.

  Regarding the follow-up supervision, Pan Helin believes that the future supervision will shift from social media to comprehensive supervision. The governance of the currency circle should be blocked and sparse. Consumers should be alert to scams in the currency circle. Price risk and bubble squeeze.

  "It can be said that today's currency circle itself is a powder keg with concentrated risks. Only by staying away can security be ensured." Pan Helin said.

  Li Tianshu said that although the current crackdown on virtual currency trading speculation has been effective, the regulatory situation is still grim.

The corresponding regulatory authorities should continue to improve the network security risk monitoring and early warning system, make full use of the cooperation between the police and the people, and increase the picketing of information content and accounts that induce virtual currency investment.

  In addition, Li Tianshu believes that it is also necessary to do a good job in investor education, help investors establish correct investment concepts, and have a sense of active prevention of investment projects that violate the normal operation of the financial market. , and should further strengthen the awareness of risk prevention, so that consumers can directly avoid it.

  Beijing Commercial Daily Financial Investigation Team