The "ban" in the crypto world seems to be aimed at protecting retail investors, but it often maintains the monopoly of vested interests.

**The Truth about the Primary Market and Private Placement**

Regulatory agencies and project parties often use the banner of "risk prevention" to prohibit ordinary investors from entering early-stage private placements. But in reality? The real tenfold or hundredfold returns are locked in the primary market. Those 0.01U chips only flow to VCs and insiders, and by the time the tokens are "allowed to trade" on exchanges, the price has already skyrocketed to 1U. The essence of this "prohibition" is to confine high-risk, high-reward opportunities to the elite, leaving retail investors to become the ones left holding the bag.

**The Premium Logic of Over-the-Counter Trading**

In some regions, there are strict controls on the channels for fiat currency and cryptocurrency, and exchanges have also set high KYC thresholds for withdrawals. What is the result? The more blocked the channels, the higher the off-exchange prices, and OTC merchants are profiting from the toll. The entire ecosystem has been hijacked by artificially created scarcity.

**Politics of the Privacy Track**

Mixers are being suppressed, privacy coins are being banned, with the official reason being anti-money laundering. But who benefits? Institutions and whales. Complete privacy on the chain means they cannot target you by tracking your positions through data. Behind the ban is a deliberate maintenance of information asymmetry.

Behind every wave of "hot initiatives" in the crypto world, there are usually market makers who urgently need to exit for liquidity.