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This Week in Review | Binance Initiates Listing and Delisting Voting; Identity of '50x Leverage' Whale Revealed
BlockBeats will compile the key industry news of the week (3.17-3.23) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Key News Review
Binance Launches "Coin Voting," 9 Memes Listed, Wallet Introduces 6-Month Fee-Free Trading
On March 20, Binance officially announced that it would launch the first batch of coin voting activities, inviting users to vote for the first batch of tokens to be listed on Binance under the official post on Binance Square. The first batch of coin voting projects is limited to tokens based on the Binance Chain (BNB Chain), and future voting rounds will expand to include all tokens in Binance Alpha. The first batch of tokens includes BANANAS31 (Banana For Scale), BID (CreatorBid), Broccoli (Broccoli), Broccoli (CZ'S Dog), KOMA (Koma Inu), SIREN (SIREN), mubarak (mubarak), TUT (Tutorial), WHY (why). Related Reading: "Binance Launches "Coin Voting," 9 Memes Listed, How Can Users Participate?" Additionally, Binance Wallet announced that starting from 16:00 on March 17, 2025, all exchange trading pairs in Binance Wallet will enjoy zero transaction fees. The event will end at 16:00 on September 17, 2025.
"50x Leverage Whale" Real Identity Controversy: A Real-World Cybercriminal
The mysterious high-frequency trading whale on Hyperliquid, known as the "50x Leverage Whale," attracted attention in the industry due to its super high win rate. The whale made around $20 million in profits through high-leverage positions from January to March 2025. Many suspect that the whale's precise market entries were insider trading by the Trump Cryptocurrency Group. However, on March 18, blockchain detective ZachXBT revealed that the market's "50x Leverage Whale" is, in reality, a cybercriminal who used stolen funds for gambling.
Investigations uncovered that this individual exploited vulnerabilities in gambling games and phishing attacks to obtain funds, and engaged in high-leverage trades on Hyperliquid and GMX through multiple wallets. Ultimately, the whale was traced back to William Parker (formerly known as Alistair Packover), a convicted felon with a history of fraud and gambling crimes. Currently, the funds are primarily held in an Ethereum address. Related Reading: "50x Hyperliquid Whale Identity Revealed, Turns Out to Be a Fraudster Who Made Headlines in the UK?"
Movement Genesis: MoveDrop to Launch in April with Additional Incentives
Movement Labs co-founder Rushi Manche responded to recent airdrop controversies in a post on X, stating, "MoveDrop is coming soon (confirmed to launch in April). Ahead of this, a few key issues need to be addressed: · Ensure TVL is bridged from Cornucopia, Parthenon is ready, there are no additional claiming conditions, guard against Sybil Activity, additional incentives. This will ensure a smooth and delay-free MoveDrop process."
OKX DEX Aggregator Service Paused, Impacting Multiple API Trading Bots
On March 17, OKX officially announced that after consulting with regulatory authorities, they have voluntarily decided to temporarily pause the DEX aggregator service to conduct more security upgrades to prevent further abuse. As a result, related limit orders and cross-chain orders will be automatically canceled. OKX stated that the specific resumption time will depend on the progress of the upgrades. During this period, users can still trade by redirecting to third-party protocols, and other OKX Web3 wallet services will not be affected. Related Reading: "DEX Aggregation Product Hits Pause, OKX Seems a Bit Misunderstood"
BNB Chain Sees Emergence of Multiple Memes, CZ and He Yi Engage in Public Chain Hype
This week, under CZ's leadership, multiple meme tokens emerged on the BNB Chain. CZ and He Yi chose to interact with some of them, thereby promoting BNB Chain. With the Solana meme market weakening, market funds began flowing to the BNB Chain. On March 22, BNB Chain (BSC) TVL surpassed $7 billion, currently at $7.06 billion. The 24-hour DEX trading volume on BSC reached $2.61 billion, the leverage contract trading volume reached $93.47 million, net fund inflow was $28.1 million, and active addresses reached 1.21 million.
Trump Provides "Speech" via Video at Digital Assets Summit, But Does Not Announce Any New Policies
Former US President Trump's "speech" at the 2025 Digital Assets Summit lasted only about 2 minutes, consisted entirely of "pleasantries," and did not contain any new content, contrary to previous leaks by reporter Eleanor Terrett claiming Trump would announce his upcoming crypto policies at the US Digital Assets Summit. From the live stream of the summit, the live chat room was filled with disappointed comments from viewers.
AUCTION Token Skyrockets 500% in a Single Week, Users Question Whale Manipulation
The Bounce Brand ecosystem token AUCTION has shown remarkable strength during this period, demonstrating outstanding price performance. Since hitting a low of $7 in early February, the AUCTION price has been on a steady rise, reaching $68 on March 21, not only surpassing the previous year's price high but also achieving a peak gain of over 470% in just a month and a half, far above the market average. The violent price surge has also brought about an extremely high funding rate, with all trading platforms hitting the limit of around -2% and maintaining it for several days. Many users on social media have expressed that the irrational price movement is a result of malicious manipulation by whales behind the scenes. Related Reading: "AUCTION Surges Nearly 500% in 50 Days: Is It 'Whale' Manipulation or Discovery of Potential Value?"
Whale: Strategy Amplifies Bitcoin's High Volatility by 2.5x to U.S. Stocks, Professional Institutions Utilize It for Arbitrage
On March 17, according to Whale, co-founder and CEO of Cobo, Strategy (MSTR) cleverly amplified Bitcoin's high volatility by 2.5 times and transmitted it to the U.S. stock market. Professional institutions are leveraging this high volatility for arbitrage to gain short-term profits. MSTR is accumulating a large amount of Bitcoin through the issuance of convertible bonds and ATM issuances to use cash for mass Bitcoin hoarding. Ordinary shareholders bear the brunt of severe stock price fluctuations and short-term downside risks but passively receive "Bitcoin gains" with each share of Bitcoin increasing. Bitcoin holders benefit from ongoing market inflows and Bitcoin price appreciation.
U.S. SEC Acting Chair: Considering Repealing or Modifying Proposals on Investor Asset Protection During Biden's Term, Including Cryptocurrency
On March 18, the Acting Chair of the U.S. Securities and Exchange Commission (SEC) stated that they are considering adjusting the monthly reporting rules on the holdings of mutual funds and ETFs. They are considering repealing or modifying proposals related to investor asset protection (including cryptocurrency) brought up during Biden's term.
EOS Rebrands to Vaulta, Focusing on Web3 Banking Business
On March 19, EOS Network announced that it will rebrand to Vaulta, with a renewed focus on Web3 banking business. This transformation comes with a scheduled token swap expected by the end of May. It also introduces the Vaulta Bank Advisory Board, a team composed of finance and blockchain industry experts dedicated to bridging the gap between traditional banking and decentralized systems. The members of this board include executives from Systemic Trust, Tetra, and ATB Financial. Vaulta plans to retain its technical infrastructure from the EOS Network, including smart contract architecture, decentralized databases, and blockchain interoperability. As part of its Web3 banking initiative, the platform will integrate with the Bitcoin-focused digital banking solution exSat. Vaulta will leverage multiple partnerships with collaborators such as Ceffu, Spirit Blockchain, and Blockchain Insurance to expand its Web3 banking business ecosystem.
YZi Labs Announces Investment in Plume Network
On March 17, YZi Labs announced an investment in Plume Network, aiming to bring real-world assets on-chain and advance RWAfi. Plume is building an EVM-compatible environment that not only introduces a diverse set of RWAs but also plugs them into a composable RWAfi ecosystem, giving them utility. Plume's mission is to tailor blockchain infrastructure to both crypto-native users and institutions. Having successfully completed a testnet with over 18 million wallets and partnered with over 180 protocols, Plume not only brings the real world onto the blockchain but also bridges the gap between Decentralized Finance (DeFi) and traditional finance, aiming to unlock the full potential of RWAfi. Read more: "Understanding Plume Network: Up 20% Against the Trend, Binance's Chosen RWA Exclusive L1"
Crypto KOL: WhiteRock Suspected to Be Launched by a Team with a Rug Pull History, Users Advised to Be Cautious
On March 16, according to crypto Key Opinion Leader (KOL) Helicopter Money, the on-chain brokerage project WhiteRock is suspected to be launched by the ZKasino team, and users are advised to be cautious. ZKasino had previously rug pulled users of 10,500 ETH (worth over $30 million at the time). Read more: "ZKasino Making a Comeback? New Project WhiteRock Allegedly 'Re-shelled' by the Same Team"
Solana Futures Officially Launch on CME
On March 17, Solana futures officially launched on CME, where CME now offers two sizes of new contracts: a micro contract covering 25 SOL and a standard contract covering 500 SOL. Giovanni Vicioso, Global Head of CME Group's cryptocurrency products, stated, "As Solana continues to be the platform of choice for developers and investors, these new futures contracts will provide a capital-efficient tool to support their investment and hedging strategies."
Crypto.com Pushes Through Controversial Vote to Reissue 700 Billion Burned CRO Tokens
On March 18, the final vote result for "Crypto.com to Reissue 700 Billion Burned CRO Tokens" was 61.18% in favor, 17.61% against, 20.11% abstained, and 0.11% vetoed. The participation rate for the vote reached 70.18%. Throughout the voting period of the proposal (March 2 to 16), most of the time, the support votes barely exceeded the opposing votes, but as the required 33.4% voting threshold was not met, the proposal did not take effect. It wasn't until last Sunday, when 33.5 million CRO tokens were added to the supporting votes, that the threshold was met. With the vote passing, the Cronos blockchain will undergo an upgrade to mint 700 billion new CRO tokens. These newly issued tokens will be gradually unlocked over five years for various purposes, including providing funding for a potential CRO ETF.
Canary Funds Submits First SUI ETF Application to the US SEC
On March 17, according to official sources, Canary Funds submitted the first SUI ETF application to the U.S. Securities and Exchange Commission (SEC). If approved, this ETF will provide investors with direct exposure to the SUI spot exposure, further driving institutional adoption.
Mask Network Founder: Decentralized Writing Platform Mirror's Content Has Not Been On-Chain for Two Months
On March 17, according to Mask Network founder Suji Yan, decentralized writing platform Mirror has not stored any articles on-chain since 12:38 am on January 13, 2025, with all content only being stored on servers for the past two months. Related reading: "The Rise and Fall of Mirror: From a Pioneer of Web3 Content Revolution to a Sample of 'Decentralized Bubble'"
This Week's Popular Articles
"Solana Ad Backfires, Should Public Blockchains Take Political Sides?"
Solana and Base recently had a dispute over ideological issues, reflecting the blockchain projects' divergent political stances. Solana released an ad implying that certain modern ideologies hinder innovation, which was later deleted but minted by the community, and Base responded with a short video. Solana has been criticized for its support of the "Black Lives Matter" movement, while Ethereum insists on decentralization and political neutrality. Projects like Solana and Base are increasingly aligning with Trumpism, while Ethereum remains independent, demonstrating the competition for political discourse in the public blockchain ecosystem. The crypto world is transitioning from a technical competition to an ideological game, and the belief in decentralization faces the challenge of real-world survival rules.
"The People Who Left the Telegram Mini Games"
The TON ecosystem was once seen as a traffic gold mine for Web3 but quickly declined after a brief boom. The Telegram mini-games in the TON ecosystem had attracted substantial funds, resulting in the emergence of hundreds of games within a short period. TVL increased by 70 times, and the TON price briefly surged from $2 to $8. However, the extremely low customer acquisition cost led to artificially inflated data, with a very low proportion of real users, making the ecosystem's traffic manipulated by project teams and studios. Internal factional struggles within the TON Foundation, with key resources controlled by a Russian team, gradually led to the core ecosystem development being dominated by the TOP organization. The TON Foundation's strategic shift towards DeFi suddenly left small game developers without support. Coupled with the arrest of the Telegram founder and frequent listings on exchanges leading to oversaturation of the market, the TON ecosystem quickly plummeted, turning Web3's anticipated "traffic explosion outlet" into a short-lived speculative game.
"CZ's 'Post-Binance Era': 170 Days, 363 Tweets, Busier Than When CEO?"
Since stepping down as Binance CEO, CZ has been even more active, frequently tweeting and participating in various activities. He has not only invested in decentralized science (DeSci) and biotechnology but has also demonstrated strong market influence through meme coins, driving the Meme economy on the BNB Chain. At the same time, he is dedicated to founding Giggle Academy, using blockchain technology to reshape the education system, emphasizing improving retention rates through gamified learning, and advocating for practical skill assessment to replace traditional degrees. CZ's transformation is not only a reshaping of his personal brand but also signifies his new role positioning in the crypto ecosystem.
"Latest Interview with Andre Cronje: 'I Didn't Enter Crypto to Make Money' | In-Depth Dialogue"
In this article, Andre Cronje shares his original intentions for entering the crypto industry, his views on the current state of the industry, and his future outlook. He mentioned that he is not primarily money-driven but is attracted by the industry's innovative potential. Despite the abundance of low-quality projects and fund flow issues in the current industry, he persists in solving the industry's challenges. Andre discussed the impact of meme coins on capital flow, compared the differences between the ICO era and now, and pointed out that infrastructure progress has reached 50%-60% but still needs to be breakthrough. He also emphasized that future innovation will come from "crypto-native" developers, hoping to drive the development of decentralized exchanges and infrastructure, ultimately bringing about a transformation in the financial industry.
"STO: Possibility, Path, and Long-term Impact of U.S. Stocks on the Chain"
STO (Security Token Offering) has regained attention in the crypto field, especially after Coinbase's CEO and CFO proposed restarting stock tokenization, becoming a hot topic. This topic was first mentioned in 2020 but was not able to progress due to unfavorable regulatory conditions. Recently, with the SEC's abandonment of the lawsuit against Coinbase and the government's more crypto-friendly attitude, Coinbase intends to tokenize its stocks and plans to issue them on the Base chain. The main advantage of stock tokenization is its ability to break geographical restrictions, transforming the traditional financial market into a global market. In addition, stock tokenization may empower stocks, expanding their functionality from a mere shareholder certificate to a multifunctional tool usable for pledging, payments, and more, bringing greater value.
"Ethena Releases New Public Chain Converge, Is the Stablecoin Leading the Way in DeFi+TradFi?"
Converge is a settlement network driven by Ethena Labs and Securitize, aiming to integrate traditional finance with DeFi, using USDe and USDtb as core assets to build a high-performance EVM-compatible network. By supporting institutional fund inflows and tokenized assets, Converge will provide permissionless and permissioned financial applications, driving deep integration between traditional finance and crypto finance, with the mainnet scheduled to launch in the second quarter.
Mirror was once a pioneer in the Web3 content creation platform, empowering creators with ownership and revenue from their content. However, due to strategic shifts, product weaknesses, regulatory pressure, and user growth challenges, the platform gradually declined. Although it once garnered widespread attention in the crypto community, its deviation from the decentralized ethos, key data centralization, and an economic model similar to Web2 platforms led to a breakdown of user trust. Ultimately, Mirror was acquired and transformed, marking the failure of Web3 content platforms and the collapse of the decentralized ethos.
The author of this article reflected on his cryptocurrency investment experience, sharing three major lessons learned from greed, emotional investing, and lifestyle traps. He suffered heavy losses in the 2018 bear market due to blindly chasing altcoin investments and then lost everything through futures trading. In March 2020, the Bitcoin flash crash led him to completely exit the crypto space and switch to film production. In the end, he realized that greed, emotional investing, and rapidly upgrading his lifestyle were the root causes of his failure.
Liquidity providers play a key role in the market but may also engage in unethical practices. Liquidity providers can be divided into active and passive categories, with active providers potentially profiting by manipulating market prices, collaborating with project teams, or influencing coin prices. In the past, many liquidity providers have been involved in regulatory investigations, such as Jump Crypto and Cumberland DRW. Common manipulation tactics by liquidity providers include wash trading, pump and dump schemes, and many providers also invest in projects to influence the market through liquidity provision or funding support. Project teams often choose multiple liquidity providers to spread risk, but a lack of regulation and oversight makes it difficult to effectively curb these behaviors.
BSC has recently made a strong push to promote the Meme ecosystem by incentivizing liquidity, fostering ecosystem partnerships, and developing infrastructure to advance the overall on-chain ecosystem. However, despite short-term increases in liquidity and users, the long-term effects are not significant. BSC's TVL and on-chain activity have fluctuated, especially as Meme-related liquidity incentives have not led to stable user growth. While Meme tokens have performed well in the market, other tokens have generally declined, and the overall impact has not surpassed the performance of other chains.
Aave announced the launch of the RWA plan Horizon on March 13, allowing institutions to use tokenized money market funds as collateral to borrow stablecoins, with plans to migrate to Aave V4 in the future. However, the community has raised strong objections to Horizon's potential issuance of new tokens and its profit distribution mechanism, believing that this move would dilute AAVE's value, harm the interests of long-term holders, and question Aave Labs' motives. Faced with ongoing opposition, founder Stani first attempted to explain, but eventually compromised on March 16, committing to using only the AAVE token. This incident highlights Aave's challenge in balancing institutional demands and community interests as it explores the RWA space.
"Malicious Node Earns 1000 SOL in a Single Transaction, Why Has Solana Become an MEV Hotspot?"
Solana recently faced frequent sandwich attacks on transactions due to MEV-related issues, with users complaining of being "front-run." Some traders suffered significant SOL losses when selling $GANG tokens due to routing issues, and analysis indicated that some Jito validators may have leaked data, allowing attackers to profit in advance. Despite Solana Foundation taking measures to remove malicious nodes, attackers continue to monitor transactions through private RPC. Unlike Ethereum, which limits transaction manipulation through MEV-Boost, Solana faces greater difficulty in prevention due to relatively centralized validators. In the current scenario, users can reduce slippage and enable MEV protection features to mitigate risks. However, if the issue persists, Solana's ecosystem reputation may be at risk.
"Why Will a Single New Energy Asset No Longer Be the Hotspot of the RWA Market?"
The hype around the new energy market has declined, with single new energy assets facing challenges of saturation, illiquidity, and policy uncertainty. Traditional investment and financing models struggle to adapt to market changes, and cross-industry asset portfolios are becoming a new trend in the RWA market. Integration models across industries such as new energy + AI hashing power, transportation, logistics, commodities, agriculture, etc., not only enhance asset returns but also create new investment opportunities. In the future, RWA investments need to break traditional boundaries and explore diversified asset portfolios to achieve higher returns and greater market adaptability.
"Bitcoin in the Shadow of Trade Wars: How to Find Balance Between Risk and Hedge?"
Bitcoin's status as a hedge asset has been questioned in recent years, especially under global economic pressures and market volatility, where Bitcoin's performance lags behind traditional hedge assets like gold. Many experts believe that Bitcoin's high volatility makes it unsuitable as a hedge tool. Although Bitcoin has the potential for long-term value storage, it is more often seen as a speculative asset highly correlated with risk assets such as tech stocks. Bitcoin's dual nature means it may behave differently in different economic contexts, serving as a hedge tool in specific situations or being significantly affected during market turmoil.
"Strategy Reboots 'Buy Buy Buy' Mode? A Comprehensive Analysis of the New Financing Scheme"
Strategy (formerly MicroStrategy) plans to issue up to $21 billion in 8% Series A Perpetual Preferred Stock, marking an innovation in the company's financing approach. Unlike past reliance on debt financing and stock issuance, preferred stock is not tied to company performance and has no fixed maturity date, offering greater financing flexibility. Although it carries a higher dividend rate (8%), it avoids the repayment pressure of traditional debt financing. This financing method may bring more stable cash flow to Strategy, especially for purchasing Bitcoin. However, the market has doubts about whether it is suitable for the current downturn, as it may increase volatility risks.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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