"Lawyer's Detailed Explanation of the Legal Red Lines in Prediction Markets: Suspected of Operating Casinos in China" - Legal expert Jin Jianzhi systematically analyzes the legal classification and risks of blockchain prediction markets under different jurisdictions. He points out that the United States generally considers prediction markets as financial derivatives, while mainland China and most other countries classify them as gambling. Under China's legal framework, project operators of prediction markets operating domestically are essentially equivalent to running a casino; KOLs promoting through advertising fees and related personnel providing payment or operational support for the platform may be considered accomplices to operating a casino; ordinary participants generally do not constitute a criminal offense, but in cases of large betting amounts, they may face administrative penalties for public security management. Combining regulatory logic and cases from mainland China and Hong Kong, Jin Jianzhi explains that sensitive topics such as politics and elections significantly increase law enforcement risks, and he predicts that it will be difficult for compliant prediction markets to emerge in China in the short term. Read more: