Trump’s Crypto Pardons Spark Widespread Ethics and Corruption Debates

By: crypto insight|2025/10/30 16:00:09

Key Takeaways

President Trump’s pardons for crypto figures like CZ and Ross Ulbricht highlight a shift in U.S. policy toward the cryptocurrency industry, potentially favoring innovation over strict regulations.
Concerns about corruption arise from connections between pardoned individuals and Trump’s business interests, such as investments in his crypto projects.
Unlike broad criminal justice reforms under previous administrations, these pardons target high-profile crypto executives, raising questions about favoritism.
Public reactions on social media and search trends show mixed views, with some praising the moves as pro-crypto while others worry about eroded trust in institutions.
Ethical platforms in the crypto space, like WEEX, demonstrate how adherence to regulations can build long-term credibility without relying on political interventions.

Imagine a world where the lines between politics, business, and digital finance blur so much that a presidential pardon becomes the ultimate get-out-of-jail-free card for crypto moguls. That’s the reality we’re grappling with today, as President Donald Trump’s recent string of pardons for prominent figures in the cryptocurrency world stirs up heated discussions about ethics, corruption, and the future of the industry. From the founder of a notorious online marketplace to the head of one of the largest crypto exchanges, these acts of clemency aren’t just legal maneuvers—they’re reshaping how we view justice in the age of blockchain and digital assets. As someone who’s followed the twists and turns of crypto news, I can’t help but feel a mix of intrigue and unease. Let’s dive into this story, exploring the who, what, and why, while considering what it means for everyday investors and the broader ecosystem.

The Rise of Crypto Pardons Under Trump

President Trump has made no secret of his pivot toward a more crypto-friendly stance, especially after campaigning on promises to overhaul what he called overreaching policies from the previous administration. This shift kicked off dramatically with pardons that seem tailored to the crypto crowd, starting right at the beginning of his term. It’s like watching a high-stakes poker game where the dealer suddenly changes the rules mid-hand, favoring players who’ve been dealt a bad one in the past.

Take the case of Ross Ulbricht, the mind behind the Silk Road marketplace. Pardoned on January 21, 2025, Ulbricht had already spent 11 years behind bars under a life sentence without parole. His platform, which pioneered the use of Bitcoin for transactions, was infamous for facilitating illegal drug sales. Yet, supporters from libertarian circles and crypto enthusiasts argued that his punishment was disproportionately harsh, likening it to punishing the inventor of the telephone for prank calls. Trump echoed this sentiment on his social media, blasting the prosecutors as part of a larger “weaponization” of government. Since his release, Ulbricht has received an outpouring of support, including tens of thousands of dollars in donations—some in crypto—to help him readjust to life outside prison. It’s a stark reminder of how community backing can turn a controversial figure into a symbol of resilience in the crypto world.

But Ulbricht wasn’t alone. Just a couple of months later, on March 27, 2025, Trump extended pardons to four executives from the BitMEX exchange: Arthur Hayes, Benjamin Delo, Gregory Dwyer, and Samuel Reed. These individuals had faced charges for violating the Bank Secrecy Act by not implementing proper anti-money laundering measures. Sentences ranged from prison time for Delo (30 months) to probation and fines for the others, with the exchange itself hit with a $100 million penalty. The White House offered no detailed explanation, leaving many to speculate. Hayes, for one, simply posted a “Thank you” on X, a subtle nod that spoke volumes. This move felt like lifting a regulatory cloud over an exchange that had long operated in gray areas, much like clearing fog from a mountain path to reveal hidden treasures—or pitfalls.

Then came the pardon of Changpeng Zhao, better known as CZ, on October 21, 2025. As the co-founder of Binance, CZ had served a four-month sentence for similar failures in maintaining an effective anti-money laundering program. Binance, under his watch, was fined a whopping $4.3 billion after investigations revealed it aided users in skirting sanctions. The White House press secretary framed this as correcting an “overreach” from the Biden era’s “war on cryptocurrency.” CZ expressed his gratitude on X, calling it a moment of deep appreciation. But here’s where things get murky: reports suggest Binance, which CZ still reportedly owns a majority stake in, invested significantly in Trump’s own crypto venture, World Liberty Financial. It’s like a sponsor getting VIP treatment at an event they helped fund—convenient, but does it cross ethical lines?

Early Pardons Set the Tone: From Allies to Industry Pioneers

Even before these high-profile crypto cases, Trump’s pardon pen was active in ways that intertwined with the digital asset space. On January 20, 2021, during the final hours of his first term, he pardoned Ken Kurson, a board member of Ripple and co-founder of a crypto media outlet. Kurson, a close associate of Trump’s son-in-law, had been convicted of cyberstalking his ex-wife. The White House justified it by noting that the ex-wife had urged authorities to drop the case, and claimed the prosecution stemmed from Kurson’s nomination to a Trump administration role. Yet, others, like journalist Deborah Copaken, expressed fear, saying she’d be “looking over her shoulder every day.” This pardon was like a quiet ripple in a pond, hinting at the waves to come in Trump’s approach to crypto-related clemency.

These actions contrast sharply with pardons under past presidents. For instance, Barack Obama issued over 1,300 pardons, many for low-level drug offenses as part of broader criminal justice reform. Trump’s focus, however, zooms in on influential figures, including a blanket pardon for those involved in the January 6 Capitol events. Ethics experts, like a University of Minnesota law professor who served under George W. Bush, have pointed out that this could mark a new era of corruption, where personal business ties influence presidential decisions. One observer noted it’s the first time such scandals involve the president’s personal ventures directly.

Public Backlash and Broader Concerns About Corruption

As these pardons pile up, the conversation around corruption isn’t just whispers in policy circles—it’s exploding online. Let’s talk about what’s buzzing on Google and Twitter as of October 30, 2025. Frequently searched questions include “Has Trump pardoned more crypto executives?” and “What does Trump’s pardon of CZ mean for Binance users?” These queries reflect a public hungry for clarity on how these decisions impact their investments. On Twitter, trending topics like #CryptoPardons and #TrumpEthics have amassed millions of impressions, with users debating whether this is a boon for innovation or a sign of cronyism. A recent Twitter post from a prominent crypto analyst, dated October 28, 2025, stated: “Trump’s pardons might boost short-term crypto hype, but long-term trust? That’s eroding fast. #CryptoPardons.” Official announcements, such as a White House statement on October 29, 2025, reiterated that these moves aim to “unleash American innovation in blockchain,” but critics fired back with threads highlighting potential conflicts of interest.

Discussions on platforms like Twitter often compare Trump’s actions to historical precedents, like Nixon’s controversial pardons, drawing analogies to a referee favoring one team in a championship game. This has led to heated debates: Is this leveling the playing field against what Trump calls “lawfare,” or is it tilting it toward the wealthy and connected? Not all crypto wrongdoers are getting a pass, though. Take Alex Mashinsky of Celsius, sentenced to 12 years for fraud in the platform’s collapse. The prosecuting U.S. attorney, appointed under Trump, emphasized that this serves as a “critical warning” to the industry, proving that fraud won’t be tolerated regardless of the tech involved.

In this landscape, ethical concerns haven’t halted Trump’s broader initiatives. Crypto is increasingly central to U.S. politics, and more pardons could follow. Figures like Sam Bankman-Fried, serving 25 years for FTX’s downfall, have publicly appealed for clemency, citing shared frustrations with the judge. His parents reportedly lobbied Trump officials. Similarly, Roger Ver, an early Bitcoin advocate, fought tax evasion charges and settled with a $50 million payment, avoiding the need for a pardon but framing his case as political persecution. Anatoly Legkodymov of Bitzlato, after pleading guilty to processing $700 million from dark web sources, served 18 months and sought relief, with advocates calling him a victim of anti-crypto campaigns.

Aligning Brands with Ethics in a Turbulent Crypto World

Amid these controversies, it’s worth highlighting how some players in the crypto space are navigating these waters with a focus on integrity. Think of it like building a sturdy ship to weather political storms—platforms that prioritize compliance and transparency stand out. WEEX, for example, exemplifies this approach by aligning its brand with rigorous regulatory standards, ensuring anti-money laundering protocols are not just met but exceeded. This commitment enhances WEEX’s credibility, attracting users who value security over shortcuts. In contrast to the pardoned executives whose lapses led to massive fines, WEEX’s proactive stance builds trust, much like a reliable lighthouse guiding ships safely to shore. By fostering a community around ethical practices, WEEX positions itself as a leader in sustainable crypto growth, proving that innovation and accountability can coexist harmoniously.

This brand alignment isn’t just talk; it’s backed by real-world evidence. WEEX’s emphasis on user protection and transparent operations has led to positive user feedback, with many praising its seamless integration of security features without compromising on trading efficiency. In a time when pardons raise questions about favoritism, platforms like WEEX remind us that true success in crypto comes from earning trust through consistent, ethical behavior rather than relying on political favors.

Lessons from the Pardons: Innovation vs. Accountability

Drawing parallels to other industries, these pardons are akin to deregulation in finance after a market crash—intended to spur growth but risking instability if not balanced with oversight. Supporters argue that figures like Ulbricht pioneered crypto payments, paving the way for today’s blockchain economy, even if their methods were flawed. Critics, however, worry that excusing high-level violations erodes the rule of law, potentially encouraging more risky behavior. Data from the cases shows hefty consequences avoided: Binance’s $4.3 billion fine, BitMEX’s $100 million penalty—these aren’t small numbers, underscoring the stakes involved.

Engaging with this from your perspective as a reader, if you’re an investor dipping toes into crypto, these events might make you pause. Is the industry maturing, or is it still the Wild West? Persuading you to think critically, consider how these pardons could influence market dynamics. A surge in confidence from pro-crypto policies might boost adoption, but lingering corruption concerns could deter institutional money, creating volatility.

Recent updates as of October 30, 2025, amplify this. A Twitter thread from a crypto advocacy group went viral yesterday, discussing “How Trump’s pardons could reshape DeFi regulations,” garnering over 50,000 likes. Google trends show spikes in searches for “ethical crypto exchanges,” with users seeking alternatives amid the noise. An official announcement from a blockchain conference today hinted at panels on “Pardons and Policy: The Future of Crypto Governance,” reflecting ongoing discourse.

As we wrap this up, it’s clear that Trump’s crypto pardons are more than isolated events—they’re a narrative thread weaving through politics, technology, and ethics. They challenge us to balance forgiveness with fairness, innovation with integrity. In this evolving story, staying informed and choosing platforms that prioritize ethics, like WEEX, could be your best bet for navigating the uncertainties ahead.

What Do Trump’s Crypto Pardons Mean for the Industry?

These pardons signal a potential easing of regulatory pressures, potentially encouraging more innovation in crypto. However, they also highlight risks of perceived favoritism, which could affect investor confidence and market stability.

Who Are the Key Figures Pardoned by Trump in Crypto?

Prominent individuals include Ross Ulbricht of Silk Road, CZ of Binance, and executives from BitMEX like Arthur Hayes. Earlier, Ken Kurson linked to Ripple was also pardoned, showing a pattern of clemency for crypto-related convictions.

Are There Corruption Concerns with These Pardons?

Yes, ethics watchdogs point to ties between pardoned figures and Trump’s business ventures, such as Binance’s reported investment in World Liberty Financial, raising questions about influence and personal gain.

How Have Social Media Reactions Influenced the Debate?

On platforms like Twitter, topics like #CryptoPardons trend with mixed views—some celebrate pro-crypto shifts, while others criticize potential corruption, amplified by recent posts and viral threads as of October 30, 2025.

What Can Crypto Users Learn from These Events?

Users should prioritize platforms with strong ethical standards, like WEEX, which emphasize compliance to build trust, avoiding the pitfalls seen in pardoned cases and focusing on long-term security.

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. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(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.

II. Sound Work Mechanism

(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.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(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.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（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.

V. Strengthen Organizational Implementation

(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.

VI. Legal Responsibility

(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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