Islamic Coin Faces Crisis After Gate.io Listing Rejection Amidst Political Controversy

Coinlive has previously reported on the $ISLM (Islamic Coin) project, which was banned from the local market by Dubai's Virtual Asset Regulatory Authority (VARA). Recently, the Islamic Coin project has come back into the spotlight after facing setbacks in its attempt to list on the renowned cryptocurrency trading platform Gate.io. The project is now pivoting to seek listings on other exchanges, marking a significant shift in direction and exposing the complex challenges of the cryptocurrency market.

Why Did Gate.io Reject Islamic Coin?

Reports suggest that one of the primary reasons for Gate.io's rejection is concern over Islamic Coin's top-level design, specifically the potential risk of association with terrorist activities, which has garnered widespread attention. Rumors even surfaced that Chinese security departments had traced wallets involved in "East Turkestan" during transactions involving the project's wallet funds.

With CZ about to step on a sewing machine, any exchange leader must be cautious when dealing with Middle Eastern projects – Binance has been accused of failing to monitor Iran-related terror wallets.

The Mysterious Whereabouts of Gate.io Founder Han Lin

Dr. Han Lin, the founder of Gate, has been an enigma in the industry. Below is a photo of him during a 2014 "Yangyang Interviews," where he affirmed, "I will not run away," only to vanish in 2015. Incidentally, the founder of the "Yangyang Interviews" video program is the infamous industry KOL Bao Erye's wife, who has interviewed almost all the frontline figures in China's early blockchain entrepreneurship.

Although the leading man "disappeared," the story of Gate (formerly Bter) continued:

In April 2019, media outlet "ChainNode" broke the news that Han Lin had absconded.

On May 15, 2020, China's renowned financial portal Hexun reported that Bter was involved in "illegal business operations worth billions and was under investigation by Jinan police." Community leaks also claimed that Bter's Jinan office team was taken away by police in one fell swoop.

In September 2020, more leaks from the blockchain community alleged that Gate.io was seized by Zhongshan police.

In 2022, there were also reports that Bter's senior executive, CPO Jiu'er, was detained by Chengdu police before leaving China for Dubai.

The series of news above shows that Gate and Han Lin's storyline largely overlaps with the narrative of Chinese exchange track – a relentless race seems to be the destiny of exchange leaders, and who decides their fate? It's now clear to everyone: the United States or China.

China's Influence on the Cryptocurrency Market

The Chinese government has zero tolerance for any organization involved in splitting national security, with especially sensitive policies towards specific regions like "East Turkestan." Any financial transactions involving East Turkestan are within the monitoring scope, and any business or projects related to East Turkestan fall within the government's crackdown range.

If Han Lin had basic political awareness and security consciousness, he should have said no to projects like Islamic Coin. Otherwise, his and Gate's economic issues could potentially escalate into a political incident, leading down a path of complete disconnection from the people and homeland.

Do not underestimate such events; once they occur, it's not merely a matter of whether an exchange will blow up, but it can cause a chain reaction impacting the entire crypto industry. FTX serves as a cautionary tale.

What Lies Ahead for Islamic Coin?

Given the complex political and economic background mentioned above, Islamic Coin's prospects for exchange listings are fraught with uncertainty.

This is not just a major challenge for the Islamic Coin project itself but also an important case for the entire cryptocurrency industry. As the political and regulatory landscape continues to evolve, project operators will venture into more segmented, in-depth, and sensitive fields, making it crucial to predict the future challenges and opportunities for the cryptocurrency market.