Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The China authorities in Shenzhen warned citizens of illegal fundraising programs masked as stablecoin and cryptocurrency investments.
Shenzhen’s City Government Task Force to combat illegal financial activities released On Monday, a warning that urged the public to be careful for non -cultivated entities promoting digital assets.
Officials stated that groups use limited public knowledge of stablecoins and crypto related to the deadlines for deception of investors and support for speculative investments.
They added that such organizations are often queues for illegal operations that perform fundraising, online gambling, fraud, pyramid programs and money laundering.
The working group stated that groups did not have the power to raise funds from the public and warned citizens that the losses arising from these programs were unlikely to be paid.
According to Chinese law, individuals who participate in illegal fundraising can bear personal liability for financial losses.
Shenzhen’s Gov urge the public to have a “rational” investment thinking
The city government also called on the public not to believe in great promises. Translation of English Translation:
“We are calling on the public to accept rational investment thinking, abstain from blindly believers of grandiose promises, created the correct understanding of money and investment, and remained alert to avoid the deceiving.”
Officials also told citizens to report any entities that raise funds under the pretext of Stablecoin’s investment or similar programs. The Chinese authorities have stated that people can report these unlawful activities to their district authorities or the enforcement of law.
They said that the departments would verify the leadership and act accordingly. In addition, informants may receive remuneration on the basis of the relevant regulations.
Related: Payments of crypto abroad can be legal despite domestic prohibitions in several countries
Warning comes in the middle of a wave of fake JD Stablecoin Promos
The warning came a week after a wave of promotional actions offering fake JD.com stablecoins appeared on the Chinese social media.
June 30, Chinese giant electronic trading said that entities were introductionHe claims to be associated with the company and offers fake stablecoins in exchange for users registration. According to WeChat’s accounts, according to China, similar fraudulent stablecoin campaigns appeared.
JD has has shown a strong interest in stablecoins. 18 June announced the plans to apply for a license Stablecoin in Hong Kong.
https://www.youtube.com/watch?v=bwzodbdbiuuw
Magazine: North Korea Crypto hackers Tap Chatgpt, Malaysie Road Money Siphoned: Asia Express
