#ETH走势分析 The crowd outside the store is bustling, and anxiety is written on everyone's face—this scene takes place at the entrance of the headquarters of a once-powerful payment platform in Cambodia.

You might not believe it when I say that this platform used to be so powerful locally? From spending at nightclubs to settling bills at restaurants, from underground ransom transactions to money laundering channels for cybercrime, even the infamous North Korean hacker organization Lazarus had to use it for transfers. With a local license in hand, physical stores blooming everywhere, and the official app transparently listed in the app market - it's undoubtedly the invisible master of the USDT circulation circle in Cambodia.

The turning point came unexpectedly. In October of this year, the United States and the United Kingdom suddenly pressured Cambodia, threatening to place the entire country on the FATF (Financial Action Task Force) gray list, which could also jeopardize the national SWIFT system. How could the Cambodian authorities withstand such pressure? They immediately began to take action.

In November, the platform quietly set a withdrawal cap - each person can withdraw a maximum of 1000 to 2000 USD per day. Subsequently, merchants rushed to go offline, like a domino effect. By December? They made a bold move: all deposits to be refunded in 12 installments, physical stores will temporarily close, and we'll see about January next year.

This script looks familiar no matter how you look at it - wasn't it played like this when those P2P platforms went bust back in the day? Only this time the stage is Southeast Asia, and the actors are cryptocurrency payment institutions. Even more surreal, the official announcement awkwardly includes terms like ESG (Environmental, Social, and Governance), absurd yet real.

The question arises: Was this crash an inevitable result of tightening international regulations, or did the platform mess up on its own? Will the gray networks in Southeast Asia that rely on cryptocurrencies be reshuffled because of this earthquake? Where will the next player to fill the gap emerge from?

The payment application scenario of $BTC is probably going to be re-evaluated after such events.