But if a platform sets extremely high leverage, abnormally low liquidation thresholds, bets against users, profits through liquidations and fees, or even manipulates K-line data, it could be deemed as running a 'house-backed' casino. In the mainland context, perpetual contracts for virtual currencies inherently lack legal grounds for operation, and holding an overseas license does not eliminate the criminal risks associated with domestic promotion, agency, technical, and payment support. Read more: