#加密货币监管框架 The Hong Kong Securities and Futures Commission's recent actions are worth noting. Both "可盈可乐" and "Globiance X/Globiance HK" have been added to the warning list, with the core issue pointing to unlicensed operations—what does this mean? These platforms lack the necessary regulatory authorization for virtual asset trading, making investor asset security essentially unprotected. More critically, user feedback indicates withdrawal difficulties, which often serve as a precursor to risk outbreaks.

From an on-chain perspective, such risk events typically trigger chain reactions. First, large holders may withdraw their risk funds from related platform tokens in advance; second, trading depth will rapidly decline, and liquidity will deteriorate. It is recommended to closely monitor the capital flow of these two platform tokens on mainstream exchanges—if there is a large inflow followed by quick sell-offs, it can be confirmed as a combination of withdrawal waves and stop-loss waves.

The regulatory framework is gradually improving, and the survival space for unlicensed platforms is continuously shrinking. This is beneficial for the long-term health of the market, but may cause short-term volatility. For investors with exposure in Hong Kong and Macau regions, it is advised to immediately review their positions and confirm whether their funds are held on licensed, legitimate platforms.