Core Viewpoint - The "pre-priced trading" platforms in the Shui Bei gold market have increased their entry barriers, requiring users to submit personal identification and undergo manual verification, which can take a day. Despite warnings from the Shenzhen Gold Jewelry Association about potential illegality, these trading practices have continued to evolve and proliferate in more complex forms [1][2]. Group 1: Changes in Trading Mechanisms - The platforms have shifted from a "pre-priced" model to a "pricing settlement" model, allowing users to settle profits and losses based on real-time gold prices without physical delivery of gold. Some platforms claim that a deposit of 10,000 yuan can control gold worth about 1 million yuan, resulting in leverage ratios close to 100 times [1][4]. - Many platforms now require users to undergo a more complex registration process, including identity verification and risk assessment, which can take up to a day to complete [1][2]. Group 2: Market Participants and Risks - The market has seen a shift in participants, with many new players lacking experience in gold trading entering the space. These new entrants primarily engage in online trading without physical delivery, leading to accumulating risks [1][11]. - The use of private accounts for fund transfers raises concerns about tax evasion and the legitimacy of transactions, as many operations are conducted under the guise of individual accounts while being run by companies [6][12]. Group 3: Regulatory and Compliance Issues - The platforms are increasingly adopting a model that avoids physical delivery to circumvent tax costs, which could lead to regulatory scrutiny. The lack of transparency in the operations and the potential for non-compliance with tax regulations pose significant risks [4][9]. - There is a notable absence of effective regulatory oversight, with current measures being reactive rather than proactive. This creates challenges in managing the risks associated with these trading platforms [13][14]. Group 4: Technological and Operational Dynamics - Smaller trading platforms are moving away from high-exposure entry points like mini-programs to self-built apps, enhancing the obscurity of fund flows. Users often need to contact customer service to obtain specific bank account details for transfers, complicating the process [2][3]. - The operational costs for setting up these trading platforms are relatively low, allowing even small businesses to engage in large-scale trading activities, which raises concerns about the sustainability and legality of such operations [13].