In the current booming digital currency market, the latest data shows that the withdrawal of 173 domestic virtual currency trading platforms has aroused widespread concern. Does this phenomenon mean the end of regulation? Or is a new wave of regulation about to sweep the entire industry? This article will interpret this information from multiple angles and explore the future direction of the virtual currency market.

The virtual currency market has always attracted much attention, but the recent regulatory storm has brought unprecedented shocks. With the withdrawal of 173 virtual currency trading platforms, the market atmosphere has become increasingly tense. Does this mean the end of regulation? Or is it just the beginning of a new chapter of regulation? We need to dig deep into the logic behind it to reveal the development trend of the industry.

The regulation of the virtual currency market has always been controversial. On the one hand, regulation can effectively curb market chaos and protect the rights and interests of investors; on the other hand, excessive regulation may also inhibit market innovation and development. In this context, the withdrawal of 173 virtual currency trading platforms has undoubtedly triggered deep thinking in the market. Can regulation balance market order and innovative development? This is a difficult problem that needs to be solved urgently.

In the development of the virtual currency market, regulation has always been a sensitive topic. With the withdrawal of 173 virtual currency trading platforms, a sense of concern has emerged in the market. Investors are worried that the strengthening of supervision will have a negative impact on the market, but the implementation of supervision is also necessary to protect investors. How to strike a balance between supervision and development is an urgent problem to be solved.

The supervision of the virtual currency market has always attracted much attention, and the latest data shows that the withdrawal of 173 virtual currency trading platforms has caused heated discussions in the market. Does this phenomenon mark the end of supervision? Or is it the strengthening of supervision? At this critical moment, we need to look at the impact of supervision on the market rationally and explore the path of future development.

In the booming virtual currency market, supervision has always been a hot topic. The latest data shows that the withdrawal of 173 virtual currency trading platforms has once again attracted the attention of the market. Will the strengthening of supervision change the market pattern? How should investors respond? Let us explore this issue in depth and explore the future development path of the market.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

The People's Bank of China (PBOC) released the "China Financial Stability Report (2019)" yesterday (25), which comprehensively assessed the soundness of China's financial system since 2018.

Recently, the cryptocurrency market has been turbulent. First, Chinese President Xi Jinping threatened on October 24 to "vigorously promote the development of blockchain technology." Bitcoin subsequently soared nearly 40% in 24 hours, once reaching the $10,000 mark. The following week, just as the news spread more and more and the enthusiasm for blockchain investment continued to burn, all mainland media, regardless of size, began to publish "admonitions to calm down", emphasizing that "the future of blockchain has come, but we must remain rational."

After the news continued to ferment for about two or three weeks, the Shanghai headquarters of the People's Bank of China issued a notice on November 15, stating that "virtual currency speculation has shown signs of warming up, and all districts are urged to investigate and rectify virtual currency-related activities within their jurisdictions." Shenzhen followed up the next week. So far, Bitcoin has led to a series of heavy falls in the overall cryptocurrency market, and even plummeted to $6,514 yesterday. However, just as the currency circle was wailing and fearing that the "94 cryptocurrency ban" incident would happen again, the People's Bank of China released the "China Financial Stability Report (2019)", which mentioned that "173 domestic token issuance and financing platforms have all exited without risk." After the news came out, Bitcoin returned to the level of $7,100 from $6,700, and reached $7,192 as of press time.

The report believes that during this year, the global economic and political landscape is still in the process of deep adjustment, and the external challenges facing China's economic and financial development have increased significantly. Despite this, China's financial system has always adhered to the general tone of work of seeking progress while maintaining stability. In accordance with the requirements of high-quality development, it has faced difficulties and worked hard to promote the effective implementation of macroeconomic policies, resulting in the strengthening of financial services for the real economy, the continuous improvement of financial order, and the progress of financial reform and opening up, achieving a good start in the "battle to prevent and resolve major financial risks", and contributing to the sustained and healthy development of the economy and the stability of the overall social situation.

It is worth noting that the report also mentioned blockchain technology and virtual currency. The report said that traditional financial institutions use scientific and technological means to innovate and develop, such as: developing and applying new technologies such as artificial intelligence; carrying out smart investment advisory business; introducing blockchain technology in payment settlement, credit management, asset custody, etc., and using smart contracts to simplify risk management and increase transparency.

The report also pointed out in the section "Vigorously rectifying the financial order" that since 2018, the financial system has conscientiously implemented the decisions and deployments of the Party Central Committee and the State Council, and implemented various tasks and measures for the tough battle in accordance with the ideas and measures determined by the central government, and achieved positive results. Specifically:

In terms of solidly promoting the special rectification of online financial risks, online lending institutions have been reduced from 5,000 to 1,490, and all 173 domestic virtual currency trading and token issuance financing platforms have been risk-free.

However, according to a Chinese netizen, after searching on Baidu, it was found that the news about "173 domestic virtual currency-related platforms basically achieved risk-free exit" can be traced back to August 23, 2018. In fact, the Shanghai Securities News had already quoted informed sources to report similar news at that time, and the source of the news at that time was not from "official announcements" or "official reports."

In response, Chu Kang, founding partner of blockchain investment institution Benrui Capital, said in an interview with mainland media that the report was true, but the draft had been sealed before and sent to the deputy governor in charge for approval a long time ago. The overall draft has been finalized, and the digital currency part cannot be modified according to the current situation. So, don't get excited.

In other words, the "173 virtual currency-related platforms" mentioned in the "China Financial Stability Report (2019)" issued by the People's Bank of China may only represent the investigation conducted by the Chinese authorities a year ago, and the projects and exchanges issued after that are not included.

From another perspective, the aforementioned investigation ordered by the Shanghai headquarters of the People's Bank of China not only targets domestic exchanges and ICO project parties, but also includes IEOs, air coins and various Ponzi schemes that have emerged this year, which means that the Chinese authorities' regulatory actions are still ongoing and it seems that they cannot be stopped because of a sentence in the report.