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China Merchants Yonglong Bank reviews mainland investors' zero balance non-active investment accounts, which have not submitted declarations or face suspension and closure

On August 21, China Merchants Yonglong Bank issued a notice to customers, stating that it is cooperating with the latest risk management and account compliance guidelines from the Hong Kong Monetary Authority and the Securities and Futures Commission to conduct a comprehensive optimization and review of investment accounts for mainland investors. Upon verification, all investment accounts held by relevant customers (including wealth management, securities, and/or paper gold passbook accounts) as of May 22, 2026, have no asset balance, and there have been no investment transaction records in the past 12 months, which have been classified as "zero balance non-active investment accounts."To maintain normal account operations, the bank requires customers to submit the "Non-Active Investment Account Declaration" as soon as possible. Customers can complete the submission through the pop-up in the personal account section of the China Merchants Yonglong Bank mobile app; joint account holders or those who have not registered for the mobile app can call the customer service hotline for guidance, and each joint account holder must submit separately. The main content of the declaration includes confirming the accuracy of personal information, the legality of the source of funds, that the account has not been closed or suspended due to suspicious documents, and timely notification of any changes in information.The bank reminds that if customers fail to complete the submission in a timely manner, new investment transactions (including buying stocks, subscribing to wealth management products, etc.) will be suspended accordingly; if the submission continues to be delayed, it is expected that starting from November 2026, relevant "non-active investment accounts" may be closed. Once an account is suspended or closed, no new securities or wealth management product investment transactions can be conducted.

Gray Research Director: Ethereum is like a "small country," and the issuance of ETH determines the balance between network security and currency

Zach Pandl, the head of research at Grayscale, posted on the X platform comparing Ethereum to a "small country" and discussed the ETH issuance mechanism. He believes that Ethereum has only one core "government function": to protect property rights and value exchange within the system. Unlike traditional countries that provide public services through taxation, Ethereum primarily funds network security through "seigniorage," which is the issuance of new ETH.In this framework, the stakers responsible for maintaining network security are akin to a group providing public services, as they receive rewards through newly issued ETH. Therefore, Ethereum's staking mechanism and ETH issuance policy essentially constitute the network's fiscal and monetary policy. Zach Pandl pointed out that the Ethereum community needs to decide how much "new currency" should be used to cover network security costs. More security typically means stronger protection of property rights, but at the cost of a higher ETH issuance rate and potential other risks.For example, if network security increasingly relies on a few large staking service providers, there remains room for discussion about whether these providers can maintain the asset rights of all users completely neutrally. Pandl believes that, just as in traditional economies, no one knows the "optimal level" of government spending and currency issuance; the same applies to Ethereum. However, Ethereum has several key security thresholds, including: 1/3: an attacker reaching this ratio may affect finality; 1/2: affects blockchain fork choice; 2/3: can control the finality process. Some community members believe that the design of Ethereum's monetary and fiscal policy should consider the security trade-offs brought by these key ratios, while the current mechanism has not adequately incorporated these factors. However, the above analogy is not entirely accurate, as it does not yet involve other important factors such as the ETH burn mechanism, MEV, governance, etc.
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