Veteran players in the crypto circle have recently been left dumbfounded - bank cards frozen like popsicles, receiving payments via Alipay can also trigger a three-day “cooling-off period”. This wave of regulatory cold winds is chilling, even more so than the plummet of Bitcoin.
“Morning提U, afternoon frozen card”“Small amount deposits and withdrawals, the whole family card has been implicated”“Mortgage almost overdue”...... Recently, the lamentations in the cryptocurrency community have flooded the screen. After the release of the 1011 regulatory signal, a silent wave of “frozen cards” swept in, no longer isolated cases, but a large-scale collective crisis.
Some friends just sold coins on the exchange and received the funds 5 minutes later, and their bank card was directly stopped; there are also users who received payments via Alipay, instantly triggering risk control and freezing for three days. Even more surreal, some people only had a small transaction on a family member's account, and as a result, the whole family's bank cards were linked and frozen, even the mortgage was almost cut off.
01 The wave of card freezing has arrived, and people in the crypto space are facing a 'cold winter'
The severity of this wave of card freezing far exceeds what many people imagine. In the past, card freezes often occurred in situations where 'dirty money' was received from selling cryptocurrencies, but this time even users buying coins have been frozen in reverse.
Well-known miner Sun Xiaoxiao shared his experience on Weibo, stating that his bank card was not spared in this wave. Industry insiders analyze that the direct reason may be problems with the bank card of sellers receiving fiat currency. Against the backdrop of strict crackdowns on telecom fraud and funding schemes involving virtual currencies, related multi-level accounts have all been listed for freezing.
Some investors reported that after selling part of their Bitcoin, over 300,000 in their bank card was frozen. After contacting the bank, they learned it was frozen by the Guangdong police, 'saying it would take at least a month to investigate, and let them wait for processing.' This kind of waiting is undoubtedly torturous for ordinary people.
The scope of card freezing is not limited to off-exchange traders; users on OTC platforms are also not spared. In an instant, people in the crypto space are anxious, with some even getting their cards frozen four times in a month, expressing that they 'doubted they were going to be caught.'
02 Real cases under the heavy hand of regulation
This wave of card freezing is not without reason; it is a reflection of the regulatory crackdown on illegal financial activities related to virtual currencies.
Last week, a true case circulated in the community: a retail investor purchased 10,000 USDT at a small exchange, and the other party used a fraudulent corporate account to make the payment. As a result, not only was the bank card frozen, but they were also called to the local police station to provide a 3-hour statement, explaining the source of funds took a week.
Such situations are not isolated. Since 2025, with the (stablecoin regulations) taking effect in Hong Kong, Bitcoin prices have triggered market surges amid extreme volatility, with the virtual currency market stirring. The central bank and other departments held meetings, clarifying that stablecoins are a form of virtual currency and emphasizing the risks of their use in money laundering and other illegal activities.
The strict crackdown on regulation mainly targets illegal activities using virtual currencies, rather than ordinary investors. However, due to the anonymity of cryptocurrencies, ordinary users' bank cards may also unknowingly flow into funds involved in cases, thus being implicated and frozen.
03 Is it a shutdown or protection? Interpretation of regulatory intent
In the face of this wave of card freezing, many people's first reaction is 'regulation wants to shut down the crypto space.' But upon deeper analysis, it seems more like a 'harsh protective measure.'
How murky is this pond in the crypto space? Last year, 'pig butchering' scams took 20 billion from retail investors, and this year, exchanges are still inducing deposits before running away. Many came in with the thought of 'making quick money,' only to have their principal wiped clean.
The batch freezing of cards by regulators is essentially cutting off the non-compliant funding channels. Those black intermediaries hiding behind the guise of 'low fees' and concealing accounts for fraudulent funds are all within the scope of this crackdown. For ordinary retail investors, although it is temporarily troublesome, it at least avoids the pitfall of 'not making money and stepping on the fraud landmine' first.
The central bank has clearly stated that activities related to virtual currencies are considered illegal financial activities. However, this primarily targets illegal financial activities rather than individuals holding virtual assets. The intent of regulation is to protect the property safety of the people and maintain the stability of the economic and financial order.
04 Survival Guide: How to navigate through this wave?
In the face of an increasingly tightening regulatory environment, people in the crypto space need to adjust their strategies to survive this wave.
Choosing compliant trading channels is crucial. Avoid using small exchanges; funds should only flow through compliant channels of major platforms. OKEx has previously reminded users to choose OTC platforms with strict KYC certification and sound risk control systems for trading.
Retaining transaction vouchers is key to proving the legal source of funds. It is best to explain the purpose of funds to the bank before each deposit and keep good transaction records. If the card is frozen, these vouchers are important evidence for unfreezing.
Avoiding participation in suspicious transactions is fundamental to reducing risk. Never help strangers collect or transfer coins; even if the commission is high, do not touch it. A representative from Huobi pointed out that users should stay away from all forms of buying on behalf of others and 'running points' and other illegal activities.
Lawyer Yin Jitao suggested that if a bank card is frozen, one should first contact the bank to understand the type and reason for the freeze. If it is a judicial freeze, one should quickly contact the police and provide transaction records and other evidence as required.
The crypto space has never been a lawless zone. With the promotion of the digital yuan, the flow of funds will become more transparent and traceable. In the future, compliance will become the mainstream, and those platforms relying on black and gray funding chains will struggle to survive. It's time for everyone to recognize reality: either survive through compliance or be eliminated.
Those who can still deposit and withdraw funds normally, you are luckier than most. At least in this cold winter, your account can still be used normally, which has become a scarce resource in itself. Follow me to learn more first-hand information and precise points of cryptocurrency knowledge, becoming your guide in the crypto world; learning is your greatest wealth!#ETH走势分析 $ETH
