At present, China's p2p online lending platform is registered in the industrial and commercial administration department and filed in the communication management department. The conditions for establishment are no different from those of ordinary companies. This means that its market access threshold is not unique because of its particularity as a "private lending intermediary", resulting in a mixed situation of enterprises in the industry.

Second, there is no clear regulatory body.

P2p online lending platform has no clear management department since its birth, resulting in a regulatory vacuum. Some regional platforms are supervised by local financial offices, but the rationality, legality and effectiveness of supervision by financial offices are debatable.

Third, there is no unified industry standard.

At present, there are no relevant laws and regulations, and there are no unified and detailed operating standards in the industry, which gives all kinds of p2p online lending platforms a lot of free play space and is prone to "stepping on the red line" business activities A few days ago, China Microfinance Association officially issued the Personal-to-Personal (p2p) Microfinance Information Consulting Service Industry Self-discipline Convention, but its actual effect remains to be seen.

Fourth, there is no sound credit information system.

Most p2p online lending platforms only rely on the information provided by borrowers themselves to judge their credit degree, and have not established a perfect credit information system, which poses a great threat to the lender's capital security and further affects the good order development of the industry.

Fifth, there is no reasonable market exit mechanism.

At the moment when p2p online lending platform is shut down more and more frequently, there are no specific laws and regulations on how to successfully withdraw from the market and how to protect the legitimate rights and interests of both borrowers and lenders when withdrawing from the market.