On January 2nd, the People's Daily Online published a "Strike Hard Digital Currency Exchange in the Storm". The article pointed out that in response to the blockbuster boom of the virtual asset exchange and the speculation of "virtual currency," recently Beijing, Shanghai, Dongguan, Hangzhou and other regulatory agencies have "bright swords" to conduct investigations on related activities. . He Ping, a professor in the Department of Finance at the School of Economics and Management of Tsinghua University and the director of the China Financial Research Center, said that digital currencies may breed a lot of illegal behaviors, and exchanges or one of the areas where illegal behaviors occur. Exchanges have the possibility to manipulate the value of digital currencies, but the stability of the value of the currency is closely related to the risks of the financial system. If currency fluctuations are artificially manipulated, this may lead to adverse flow of funds and affect the security of the national financial system. . He also pointed out that from the perspective of financial stability, increasing supervision of exchanges is conducive to maintaining the stability of financial order. For the practitioners of the chain, due to the large amount of capital flowing into the exchange, under the influence of merchants' profit, it is likely to cause the behavior of the ICO in the currency circle, resulting in the lack of necessary support for the technology development of the chain. Exchange regulation is necessary.