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Suzhou Financial and Chongqing Crackdown Issue Risk Warning on Illegal Fundraising with Stablecoins
Summary: Suzhou Financial WeChat account issued a risk warning about illegal fundraising under the guise of 'stablecoins'. The Suzhou office for preventing and combating illegal financial activities reminded consumers that virtual currencies do not have the same legal status as fiat currencies, and activities related to virtual currencies are considered illegal financial activities. Overseas virtual currency ...
Suzhou Financial WeChat account issued a risk warning about illegal fundraising under the guise of 'stablecoins'. The Suzhou office for preventing and combating illegal financial activities reminded consumers that virtual currencies do not have the same legal status as fiat currencies, and activities related to virtual currencies are considered illegal financial activities. Overseas virtual currency exchanges providing services to Chinese residents through the internet are also engaging in illegal financial activities, posing legal risks for participants in virtual currency investment transactions. Subsequently, WeChat public platforms such as 'Ningxia Anti-Illegal Activities Office' and 'Chongqing Crackdown' released similar risk warnings about illegal fundraising under the name of stablecoins. (Shanghai Securities News)
Prior to this, the Beijing Internet Finance Industry Association WeChat platform also issued a risk warning about illegal fundraising using 'stablecoins' and other new concepts, analyzing five significant characteristics of such activities posing illegal fundraising risks.
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Link: Suzhou Financial and Chongqing Crackdown Issue Risk Warning on Illegal Fundraising with Stablecoins [Copy]
