Shenzhen financial regulators: Beware of illegal institutions using "stablecoin" as a guise for illegal fundraising
On July 7, the Shenzhen Special Task Force Office for Preventing and Combating Illegal Financial Activities issued a risk warning stating that stablecoins and other digital currencies have recently received widespread attention in the market. Monitoring has revealed that some illegal institutions are using "financial innovation" and "digital assets" as gimmicks, taking advantage of the public's lack of understanding of stablecoins, and absorbing funds by issuing so-called "virtual currencies," "virtual assets," and "digital assets." They are inducing the public to participate in trading and speculation, disrupting economic and financial order, and breeding illegal and criminal activities such as illegal fundraising, gambling, fraud, pyramid schemes, and money laundering, which seriously endanger the public's property safety.
The Shenzhen Special Task Force Office for Preventing and Combating Illegal Financial Activities reminds you that these illegal institutions are not authorized by national financial management departments or violate national financial management regulations, and do not have the qualifications to publicly absorb public deposits. These institutions use new concepts such as stablecoins for speculation, fabricate so-called investment projects such as "virtual currencies," "virtual assets," and "digital assets," publicly make false propaganda and absorb public funds, and breed illegal and criminal activities such as illegal fundraising, gambling, fraud, pyramid schemes, and money laundering. The "Regulations on Preventing and Disposing of Illegal Fundraising" stipulates that the state prohibits any form of illegal fundraising, and losses suffered from participating in illegal fundraising shall be borne by the participants themselves. The general public is requested to enhance their awareness of rational investment, not blindly believe in extravagant promises, establish correct currency concepts and investment philosophies, and effectively improve risk awareness to avoid being deceived.
If you find that relevant institutions are engaged in illegal fundraising activities in the name of investing in stablecoins, please report them to the city or district-level departments in charge of handling illegal fundraising or the public security department in a timely manner. Relevant departments will verify the reported clues, crack down and deal with them in accordance with the law, and reward the informants in accordance with the regulations.
[BlockBeats]
Shenzhen financial regulators: Beware of illegal institutions using "stablecoin" as a guise for illegal fundraising
On July 7, the Shenzhen Special Task Force Office for Preventing and Combating Illegal Financial Activities issued a risk warning stating that stablecoins and other digital currencies have recently received widespread attention in the market. Monitoring has revealed that some illegal institutions are using "financial innovation" and "digital assets" as gimmicks, taking advantage of the public's lack of understanding of stablecoins, and absorbing funds by issuing so-called "virtual currencies," "virtual assets," and "digital assets." They are inducing the public to participate in trading and speculation, disrupting economic and financial order, and breeding illegal and criminal activities such as illegal fundraising, gambling, fraud, pyramid schemes, and money laundering, which seriously endanger the public's property safety.
The Shenzhen Special Task Force Office for Preventing and Combating Illegal Financial Activities reminds you that these illegal institutions are not authorized by national financial management departments or violate national financial management regulations, and do not have the qualifications to publicly absorb public deposits. These institutions use new concepts such as stablecoins for speculation, fabricate so-called investment projects such as "virtual currencies," "virtual assets," and "digital assets," publicly make false propaganda and absorb public funds, and breed illegal and criminal activities such as illegal fundraising, gambling, fraud, pyramid schemes, and money laundering. The "Regulations on Preventing and Disposing of Illegal Fundraising" stipulates that the state prohibits any form of illegal fundraising, and losses suffered from participating in illegal fundraising shall be borne by the participants themselves. The general public is requested to enhance their awareness of rational investment, not blindly believe in extravagant promises, establish correct currency concepts and investment philosophies, and effectively improve risk awareness to avoid being deceived.
If you find that relevant institutions are engaged in illegal fundraising activities in the name of investing in stablecoins, please report them to the city or district-level departments in charge of handling illegal fundraising or the public security department in a timely manner. Relevant departments will verify the reported clues, crack down and deal with them in accordance with the law, and reward the informants in accordance with the regulations.
[BlockBeats]
