According to the source, Beijing is continuing to crack down on attempts to circumvent China’s crypto ban, in line with the September 24, 2021 joint notice that deems all virtual-currency-related business activities illegal and bars overseas exchanges from serving mainland residents (People’s Bank of China, Sept 24, 2021). For traders, enforcement typically targets onshore OTC and P2P ramps converting CNY into stablecoins such as USDT, an activity repeatedly exposed in money-laundering and underground banking cases announced by law enforcement in 2023–2024 (Ministry of Public Security, case bulletins 2023–2024). This enforcement constrains CNY-side liquidity and access to USDT on the mainland by criminalizing on- and off-ramps, while spillover to Hong Kong spot BTC and ETH ETFs remains limited because mainland participation is restricted by the 2021 ban and Hong Kong’s authorization applies locally to SFC-regulated funds (People’s Bank of China, Sept 24, 2021; Securities and Futures Commission Hong Kong, Apr 30, 2024).