Buying coins for yourself, trading coins, making money or losing money—most of the time, this is just personal investment, and judicial authorities generally won't pay much attention.

But the problem lies here—once you start "thinking crookedly," such as helping others buy on their behalf, taking service fees, exchanging money for others, doing wash trading, or acting as an intermediary to match trades, the situation changes completely. These behaviors could be directly classified as illegal business operations, and may even involve accomplice liability.

Why? Because in the eyes of the law, you're no longer just investing. What have you become? You've turned into an underground financial service provider. That is the core issue.

Relevant regulatory seminars repeatedly emphasize two keywords: **Subjective Knowledge** and **Behavioral Mode**. In other words, whether you are consciously doing it and how you do it determine the final classification.

The national policy stance is very clear: you can gamble, lose, or speculate if you want. But there is one bottom line that must never be crossed—private long-term control over foreign exchange, fund settlement, and money laundering capabilities. This violates the core of financial regulation.

So look at those still doing OTC rebate activities domestically; they are basically walking a path with no return. The rise and fall of coins like BTC, ETH, SOL may not change their ultimate outcome.

To put it simply, there's no problem being an investor, but don’t think about becoming a financial intermediary. This line must not be crossed.