#热门话题 Double strike! Hong Kong delists $USDT , mainland fully bans 💥 Both places take action simultaneously, regulatory storm escalates

Mainland: Zero tolerance crackdown, defining illegal accountability to the end

• Clearly defines USDT trading as illegal financial activity, completely prohibits all types of trading behavior, and strictly investigates criminal responsibility.

• Over 300 related cases have been cracked in the year, successfully intercepting involved funds of 4.6 billion yuan, with the core goal of paving the way for the promotion of digital renminbi and eliminating market interference.

Hong Kong: License threshold limits, retail investors completely out

• Based on the "Stablecoin Regulation" licensing supervision requirements, due to Tether's failure to obtain a compliant license, ordinary retail investors are prohibited from trading USDT, with related businesses only open to professional investors.

• Focus on cooperation with compliant institutions to promote the application of stablecoins in cross-border trade, tourism consumption, and other real economy scenarios, creating a high-end compliant digital asset hub.

Market turbulence, liquidity sharply shrinks impacting significantly

1. Price and trading double kill: USDT against renminbi price falls below 7.0 (lowest 6.95), with a rare "inversion" occurring with the offshore renminbi exchange rate; domestic USDT trading volume plummeted 40% in 72 hours, with Bitcoin and other cryptocurrencies adjusting in renminbi pricing simultaneously, triggering supply-demand imbalance due to massive sell-offs by holders.

2. Circulation and channels restricted: Domestic OTC trading has basically come to a standstill, and global circulation of USDT has rapidly dropped from 83 billion USD to 72 billion USD; Hong Kong only allows professional investors to participate in non-compliant stablecoin trading, and channels for ordinary users are fully tightened.

Regulatory logic is clear: Domestic ban builds barriers, offshore pilot promotes innovation. The mainland strikes hard against illegal currency exchange and irregular trading, while Hong Kong relies on the licensing system to force industry compliance and innovation, forming a regulatory synergy of "domestic ban to prevent risks + offshore pilot to promote development," which not only safeguards the financial safety bottom line but also reserves exploration space for the compliant development of digital assets. #美SEC推动加密创新监管

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