258 Illegal Platforms Exposed By China Securities Regulatory Commission

Under the "off-site" market, the "bull market" atmosphere is active again.

"1-10 times leverage at will" "100% firm trading" The 21st century economic report has seen similar statements on many funding websites.

However, on the contrary, it is the exposure and message of investors on multiple platforms, reflecting that the account number is frozen and it is difficult to withdraw cash.

This is similar to the "virtual disk" pattern of stock allocation reported by 21st century economic reporter last year.

The so-called virtual disk, also known as the "bet on the table", investors and the funding platform form a bet. The funding platform uses the law of most people losing money to make profits. If the market is not good, investors' stocks will burst, and the loss money will go into the pocket of the virtual disk financing platform.

If the market is good and investors' book is floating, the virtual disk financing platform often looks for various reasons to get rid of the gold, and even runs away when the capital pressure is too high. Running out of business often occurs when the stock market is rising.

In recent years, the supervision of over-the-counter capital allocation has been strengthened. According to the new securities law, securities margin trading belongs to the exclusive business of securities companies. Without the approval of the CSRC, no unit or individual is allowed to operate.

On the evening of July 8, the CSRC exposed the list of 258 platforms and their operating agencies illegally engaged in off-site capital allocation.

With the stricter supervision, changes are also taking place.

"Virtual disk" routine looms

"Because the" bull market "has arrived recently, I have allocated funds on the net of the N capital allocation officer. I have made tens of thousands of yuan in the past month. Now I can't withdraw cash. I say that I have violated the rules and my account number is frozen. I have several friends who have made capital allocation on this website, and have encountered the same problem. In addition, Mingdao funding and N funding have the same situation. We exposed the wechat chat screenshot with customer service online. " On July 7, a equity investor from Guangxi told the 21st century economic report.

This is not uncommon.

"After I made a profit, I was ready to withdraw cash, but the platform said that I operated illegally and my account was frozen. Even after I repeatedly asked for it, I said that I had not registered with this platform, and then deleted my contact information. But in fact, I didn't have any illegal operations before. " Another n equity investor also told reporters.

On July 8, as soon as the reporter of 21st century economic report logged on the official website of N capital allocation, the floating window of "announcement of suspension of bank card use" appeared, indicating that the latest deposit account should be viewed on the recharge page or contact customer service personnel. The reporter further searched the historical data and exposure and found that the platform had changed the deposit bank card account at least three times, and as early as September 2019, it was exposed that the capital and profit of the capital allocator could not be withdrawn.

"Maybe the previous bank card was frozen. The big probability is a virtual disk. " A senior capital allocation industry personage confessed to the reporter.

However, even though it has been repeatedly exposed and replaced with the bank card, n capital is still marked with "real name website" and "100% real offer transaction" at the prominent place of the website, and regularly updates the news about the market.

As an investor, 21st century economic reporter called the official customer service hotline of N capital to confirm the security of the platform.

"We are a regular platform, with nine years of experience and word-of-mouth, otherwise we can't keep so many old customers." Customer service said repeatedly. When the reporter asked about the situation that some investors on the Internet said that they could not withdraw cash, customer service began to falter, and then the tone suddenly became tough, "where did you see it? Can you believe it on the Internet? You didn't try again. We are a regular platform. You can try to register as a member first. "

According to the reporter's inquiry, on June 5, 2020, the 33rd batch of institutions not qualified to operate securities and futures business announced by Guangdong securities regulatory bureau, n capital allocation was listed.

The reporter found that there are mainly novice experience, interest free, daily, weekly, monthly, VIP and so on. More than ten over-the-counter funding platforms have launched activities to send high trading experience gold. During the trial trading period, the loss is borne by the platform, and the experience gold ranges from 8888 to 18888 yuan; the ordinary capital allocation platform has launched the activity of 100 yuan to send high trading experience gold The leverage is between 1-10 times, which can operate 1-50 million funds, while VIP allocation is as high as 13 times, with the principal of 200000 yuan. Many platforms are marked with "real offer trading", "single bill full position", "10 second account opening" and "Promotion Commission". The Commission ranges from 20% to 60%.

"Ten times of leverage is basically virtual or AB, real offer will take into account risk control, can not do so high leverage, generally less than 4 times." A senior capital allocation industry personage told reporters.

A person from an off-line off-site capital allocation company previously contacted by the reporter said that the company mainly relies on 4-fold leverage, with an annualized cost of 14%, and a 3-fold leverage with an annualized 12%.

"What we are going to do here is the normal mode of capital allocation, which is in the form of private lending. The customer gives us the margin, according to the ratio of 1:4. After the deposit, our company will open a stock account for you to provide account number and funds. For example, if you make a deposit of 100000 yuan, our company will provide you with 400000 yuan. There are 500000 yuan in the account. In addition, there are restrictions on the purchase of ST and single tickets. Generally speaking, customers need to come to the site to sign the contract. " Said a person from the said company.

Gradual change of capital allocation under strict supervision

In the bull market in 2015, the over-the-counter capital allocation played an important role in boosting the market. A large number of capital allocation funds rush into the market with the help of Hang Seng Homs system.

On July 12, 2015, China Securities Regulatory Commission (CSRC) issued the opinions on rectifying and rectifying illegal securities business activities, requiring securities companies to regulate the external access of information systems, and to complete the verification of self inspection of securities companies around the end of July 2015.

After the regulatory authorities stopped the external access function of securities companies' system and the umbrella trust was cleaned up, the off-site capital allocation is no longer as convenient as before. Since then, in the stock market's rise in early 2019, "virtual disk" was once popular.

This has also attracted regulatory attention.

Since May 2020, securities regulatory bureaus around the world have successively exposed the over-the-counter capital allocation platforms. On the evening of July 8, the CSRC exposed the list of 258 platforms and their operating agencies illegally engaged in off-site capital allocation.

"There are several real disks, most of which are virtual disks." On the above list, the senior capital allocation industry said.

The reporter learned that the provider of "virtual disk" system is more hidden, and the cost is also going down, even thousands of yuan can be online.

However, whether it is a real offer or a virtual one, it is illegal to engage in over-the-counter capital allocation activities without obtaining the corresponding securities business qualification.

The CSRC pointed out that according to the newly revised Securities Law, securities margin trading is the exclusive business of securities companies. Without the approval of the CSRC, no unit or individual is allowed to operate. In essence, the over-the-counter capital allocation activities belong to the securities margin trading business that only the securities companies can carry out according to law. If the relevant institutions or individuals engage in the off-site capital allocation activities without obtaining the corresponding securities business operation qualifications, they will constitute illegal securities business activities, and they will be investigated for legal liabilities according to law.

In November 2019, the Supreme People's Court issued the minutes of the national court's civil and commercial trial work conference. On the basis of emphasizing the illegality of off-site capital allocation, the Supreme People's court made it clear that the off-site capital allocation contract is invalid contract, and the participants of off-site capital allocation will bear relevant risks and responsibilities.

According to the CSRC, we will conscientiously implement the securities law, continue to promote the normalization of cracking down on illegal over-the-counter capital allocation, and resolutely safeguard the interests of investors and the order of the capital market. As for the off-site capital allocation activities, the CSRC will continue to strengthen the monitoring, actively investigate and deal with them, timely expose them and strictly punish them according to law; if they are suspected of committing crimes, they shall be transferred to the public security organs for investigation and punishment, and criminal responsibility shall be investigated according to law.

"I would like to remind the majority of investors that the over-the-counter capital allocation platforms do not have the qualification for securities business operation, some are suspected of engaging in illegal securities business activities, and some are suspected of engaging in fraud and other illegal criminal activities by means of" virtual disk ". Investors are requested to raise their awareness of risk prevention and consciously stay away from off-site capital allocation activities to avoid property losses. If you are cheated by participating in the off-site capital allocation, please report to the local public security organ in time. " The SFC said.

It is reported that the CSRC will also expose the list of more than 100 platforms illegally engaged in off-site capital allocation activities in the near future, and the relevant securities regulatory bureaus are cooperating with the public security organs to investigate and deal with the key platforms illegally engaged in off-site capital allocation.

"Over the counter capital allocation is a grey area. Companies with real capital allocation mainly earn interest. Now, some of them will not do so after the strict supervision. Instead, it is a virtual disk, not only to earn interest, but also to earn principal. " A senior capital allocation industry personage confessed to the reporter.

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