On June 1, the Hong Kong Financial Services Commission (SFC) put forward new requirements for companies applying for virtual asset trading platform licenses. These companies must sign a letter of commitment to guarantee that they will not serve mainland Chinese users worldwide. This strict condition directly led to the withdrawal of license applications by many well-known trading platforms such as Binance, OKX, HTX, Bybit and Gate. Although OKX tried to unite the industry to resist this clause, it was unsuccessful. Companies that withdraw their applications can adjust their strategies and reapply in the future, but they may need to change their brand or operating structure. Sure enough, Zhongguo is still practicing in seclusion and working behind closed doors.