How did the OTC markets of major exchanges develop (by the way, can you also talk about your history of joining the market and whether you can still participate in the OTC industry)? Many people ask me if I can help them do OTC, but almost everyone, I advise them not to participate. Many people say they are afraid that I won't steal the business, and I am truly convinced. Because this industry is characterized by high costs, low profits, and high risks. Let me tell you about the development history of the exchange: 1: Forum economy: Early holders of Bitcoin matched their needs through posting on forums such as Bitcointalk, and the trading model was similar to buying and selling second-hand goods, which involved exchanging items for goods This lack of third-party guarantee has led to the occurrence of fraud incidents such as "first coin, no payment" (typical case: OTC fraud surged before MT. BOX bankruptcy in 2013) 2: Corporate trading: Later, with the release of platforms such as Yuanbao.com, transactions could be made directly by transferring funds to the corporate account. Before 2017, mainland China was developing normally, and in 2017, a ban was issued to prohibit any institutions or companies from engaging in virtual currency business. But private transactions are not prohibited. So coin merchants emerged! A large number of foreign currency traders have emerged, providing users with fiat currency trading to obtain price differentials. I also saw the entrance right at this moment. So let me tell you about myself, why did I enter so early and not leave the circle, and still put on cool work? To be honest, I have already left once. One person must be mentioned here: Zhao Dong, co-founder of Moji Weather. After successfully starting his own business, he sold his shares and later started his own business, Garage Coffee. He met some of the earliest Bitcoin participants in China, such as Wu Gang, Li Lin, and Li Xiaolai. In 2013, Zhao Dong invested 10 million yuan from Moji Weather in Bitcoin, and his net worth soared to billions. But later on, he leveraged and liquidated his position in Bitcoin futures trading, not only losing his net worth, but also carrying a debt of 60 million yuan. Zhao Dong devoted himself to the OTC over-the-counter trading field in order to repay his debts. Starting from small profits, he gradually accumulated funds. At that time, the market depth was insufficient, and he accepted all trades. He earned 50 or 60 yuan per trade per hour, gradually accumulating funds to repay his debts. Our early team intervened in OTC transactions in Huobi and developed a full range of transaction processes. The team has partners who own their own bank resources, a complete reconciliation system and self-developed small procedures to achieve real-time reconciliation, collection and payment, and fund flow monitoring. The team has a total of 14 people, with full-time finance, inventory operators, transfer clerks, accounting clerks, and fund allocators performing their own duties. At first, there were three Blue Shield merchants and seven ordinary merchants in Huobi, and there were only three OK numbers. At that time, there was no traffic in Coin Ann. When building OTC functions in Coin Ann, our team submitted a detailed operation report. Before entering Coin Ann successfully, we started eight merchants (only eight quota). The key account manager promised that all eight numbers were parent accounts, and all merchants joined later could only hang under these eight accounts. At this time, one original merchant quota was speculated to be worth 8 million yuan (the actual transaction price was 2 million yuan). At this time, Zhao Dong offered 8 million yuan to acquire our team, hoping to obtain our operating system and risk control system (he himself had very messy accounts due to rapid expansion, complex fund flows, and often made mistakes). However, he wanted us to go to Singapore to lead the team to operate, and the core issue was that the mask was not available, so it became a partnership model. At that time, Zhao Dong was involved in currency exchange operations, with 5-6 people earning a profit of 1 million RMB per day. In order to quickly retrieve funds, we found a trusted merchant to first give U the funds. When we needed the funds, we transferred them to their designated account. So our team directly purchased goods from him and used our own bank cards to deal with him. The daily turnover was 20-40 million RMB, and each U only had a profit of one cent. The annual transaction profit was about 10 million RMB. The money earned was fooled by the exchange's key account manager, who said that platform coins have weight and the more you buy, the greater the support, especially for Binance. As a result, everyone bought BNB and HT with profits, costing 3-4U, and each account had to leave tens of thousands of margin. Suddenly, they all increased by about ten times and became a small target to sell. Due to various unclear policies, Zhao Dong was investigated for suspected illegal business operations in April 2020 and was approved for arrest in June. Our OTC team was disbanded What you can see every day is the young model of the club, I'm really tired of playing with it. The one who makes you breathless every day is the young model. If you had tweeted at that time, you wouldn't have had to wait and eat every day. Chongqing definitely ranks first in terms of cost-effectiveness and all aspects. Before 2020, there was basically no black money and frozen cards. The collection methods showed their own ingenuity. Various collection methods such as their own bank cards, Alipay, and corporate Alipay took turns. Some money merchants had hundreds of Alipay accounts, and hundreds of bank cards handled nationwide, with little risk control. At that time, many big shot teams were born (Old Ma, Lightspeed, Little Yellow Duck, Little Cute, Wild, Dali, and I), truly starting from scratch with a capital of 10000 yuan and accumulating tens of millions and billions of profits. Then people can't just sit idly by and invest in mining machines. The nine ministries have issued a ban on mining policies, and some friends have been reported for secretly starting up their machines. The mining machines in Sichuan were all confiscated and returned to zero overnight because they even asked friends and relatives to invest together. I compensated all of my friends and relatives myself. Although it was very hurtful, the statement that a skinny camel is bigger than a horse cannot affect the overall situation. With the resources of the cryptocurrency industry, I quickly healed because I knew Ice Frog Lao He, first and foremost in the airdrop industry. Because of the founder of Apache, he entered the community field. Join Twitter KOLs with your professional knowledge. That was when I was still playing OTC and incubated a large number of OTC with Uncle Liu. The legal sector of the cryptocurrency industry is currently expanding. The inscriptions in the middle and so on also brought back a lot of blood. Let me explain to you why I said Xiaobai OTC can't do it now? Firstly, bank statements are subject to risk control at all times (requiring bank resources) Next is customer resources, platform? Can't you see that the selling price is higher than the buying price? Are you making a profit? Risk control of black money (requires a lot of time and experience accumulation) So what can be done in cryptocurrency merchants now must be people with industry resources. They are also gradually transforming into private domains. A truly reliable and familiar cryptocurrency merchant is also a high-quality resource. Finally, thank you all for your support. Deducting a withdrawal fee+V: otcxiaoxiao freeze package, compensation package, and after-sales service