Mr. Zhao from Hangzhou opened an account with Futu in 2024. After the eight-department regulatory crackdown took effect in May 2026, he did not receive a notice of account closure, but was instead placed in ”one-way exit” mode—meaning he could sell but could not buy.

Mr. Guo from Shanghai opened a Huamei Velo account in 2023. After upgrading his account on July 15 of this year, the system sent him a notification stating that his account must maintain an average daily balance of $25,000; otherwise, a monthly account management fee of $25 will be deducted.

Mr. Zhou from Hangzhou began accepting USDT payments in 2021. After three years in overseas e-commerce, he has accumulated the equivalent of $600,000 in USDT in his account, most of which is held on compliant, licensed exchanges in Hong Kong. He has always been under the mistaken impression that ”crypto assets aren’t on the CRS list, so the tax authorities can’t see them.”

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A business owner running a Douyin e-commerce account received a notice from the tax authorities last month: due to a significant discrepancy between the platform’s transaction volume and his reported income, he was required to provide an explanation of his business operations over the past three years and undergo a tax audit. He was stunned—over the past three years, he had deposited most of the proceeds from his sales into his personal WeChat and Alipay accounts, reporting only a ”nominal” amount of income on his tax returns, assuming the tax authorities couldn’t ”see” the platform data. As it turned out, the platform data, payment records, and logistics records had long been cross-referenced via a big data system, revealing anomalies. A single notice exposed three years of getting away with it.