Regulatory Status of Virtual Currency Trading in China
Since September 2021, the People's Bank of China (PBOC) and nine other departments jointly issued a notice explicitly defining virtual currency-related business activities as illegal financial activities. This policy comprehensively prohibits services related to virtual currency settlement and providing trader information. Furthermore, overseas virtual currency exchanges providing services to Chinese residents via the internet are also deemed illegal financial activities, and relevant departments continue to strengthen monitoring and crackdown on such behaviors.
In February 2026, the People's Bank of China and seven other departments once again jointly issued a document, reiterating the illegal nature of virtual currency-related business activities and emphasizing strict prohibition within China. This indicates that China's prohibitive policy stance on virtual currencies is long-term and continuous. Affected by this, in October 2022, several virtual currency trading apps, including "OKX," were delisted, and a large number of websites and self-media accounts promoting virtual currency trading were shut down.
It is worth noting that while providing and participating in cryptocurrency trading services is illegal in China, current Chinese law has not formulated specific prohibitions against merely holding digital assets such as Bitcoin and Ethereum. This means that individuals holding cryptocurrencies do not violate existing laws, but once they engage in trading or provide trading services, they infringe upon relevant regulations.
Nature and Market Status of Radar Coin (RADR)
Radar Coin (RADR), issued in 2014, was once promoted as "future currency" and attracted users with models such as "interest on holdings, rewards for promotion." However, this model of earning income by developing downlines and multi-level rebates highly matches the characteristics of typical Ponzi schemes and pyramid schemes. As early as 2017, Radar Coin was listed on the list of 350 pyramid scheme organizations published by China Central Television.
According to public information, the Radar Coin project was exposed to have collapsed and performed an exit scam in 2021, reportedly involving tens of millions of people and hundreds of billions of yuan. This incident further confirmed its nature as a pyramid scheme scam. Radar Coin primarily operates on its self-built centralized platform and "Radar Wallet," rather than on recognized mainstream digital currency trading websites.
As of October 2026, according to data from mainstream market platforms, the price and 24-hour trading volume of Radar Coin (RADAR) have either fallen to zero or are extremely low. For example, CoinMarketCap shows its current price as ¥0 CNY and a 24-hour trading volume of ¥0 CNY. CoinGecko also shows its 24-hour trading volume as extremely low, approximately US$1.36, with only a small number of trading records on the decentralized exchange PancakeSwap (v2), but market activity has significantly declined. The token's trading market is almost depleted, lacking effective transactions. Investors can check the latest prices and project information on market platforms such as Svmuu, but should be wary of its high-risk nature.
Radar Coin's total supply and maximum supply are both 100 million RADAR, with a self-reported circulating supply of approximately 48.94 million RADAR.
Risk Warning and Compliance Advice
Given China's strict ban on virtual currency trading and the fact that Radar Coin has been identified as a pyramid scheme scam and has collapsed, investors should be highly vigilant about related risks.
- Legal Risks: Participating in virtual currency trading activities, especially providing or obtaining services to Chinese residents through overseas platforms, constitutes illegal financial activities and may face legal sanctions.
- Ponzi Scheme Risks: Radar Coin's "interest on holdings, rewards for promotion" model is a typical characteristic of a Ponzi scheme. Such projects often use funds from new participants to pay returns to early participants, and once the capital chain breaks, they collapse, leading to investors losing all their money.
- Market Risks: Radar Coin no longer has an active trading market, liquidity is extremely poor, and it is almost impossible to buy or sell, meaning its value has essentially been lost.
For global readers, participating in virtual currency investments in any jurisdiction should involve a thorough understanding of local laws and regulations, and comprehensive due diligence on the project. Stay away from any projects that promise high fixed returns, promotional rebates, or require developing downlines, to avoid unnecessary losses.
