$H Starting June 20, 2026, the latest core regulatory trends

1. Shift from "cracking down on platforms" to targeting every transaction and every participant, with regulation extending to individual end-users;
2. Focus on rectifying OTC USDT trading, thoroughly blocking the exchange channels between virtual currencies and fiat currencies;
3. Zero tolerance for small, high-frequency, covert private exchanges, eliminating the false sense of security that "small transactions are unregulated";
4. Strengthen anti-fraud coordination, linking virtual currency transactions to gambling, fraud, and money laundering black and gray industries for accountability, with strict and severe penalties.