Economic Observer: Yuzhi Financial's Virtual Asset Project Exposed for Withdrawal Restrictions, Risk Warnings Issued in Multiple Regions

Yuzhi Financial, disguised as a 'virtual asset copy trading' platform, has been exposed for allegedly attracting investors with high returns. Recently, several investors reported issues with withdrawing funds from its virtual asset trading app 'HSEX,' prompting the platform to request users to deposit 20% of their account balance as 'self-certified margin' and increase withdrawal fees from 10% to 30%. Prior to this, risk warnings had been issued by the joint office for preventing and combating illegal financial activities in Xinyi City, Guangdong Province, the leading group for preventing and combating illegal financial activities in Yulin City, Guangxi Zhuang Autonomous Region, and the financial affairs center in Shigu District, Hengyang City, Hunan Province. The Hong Kong Stock Exchange also disclosed that Yuzhi Financial and its related platforms HSEX and HKEX have been repeatedly listed as suspicious websites with no affiliation to the Hong Kong Stock Exchange. Industry experts warn investors to be cautious of the high returns promised in the virtual asset sector and to guard against illegal financial risks. (Economic Observer)

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