Suzhou Finance, Chongqing Anti-Illegal Fund Raising and Others Issued Risk Warnings to Be Aware of Illegal Fund Raising with Stablecoins

Odaily News The Suzhou Finance public account released a Risk Warning on Being Aware of Illegal Fund Raising in the Name of Stablecoins and Others. In the risk warning, the Suzhou City Office of the Working Mechanism for Preventing and Combating Illegal Financial Activities reminded consumers that virtual currency does not have the same legal status as legal currency, virtual currency-related business activities are illegal financial activities, and overseas virtual currency exchanges providing services to residents in my country through the Internet are also illegal financial activities. There are legal risks in participating in virtual currency investment and trading activities. Subsequently, WeChat public platforms such as the Ningxia Anti-Illegal and Anti-Illegal Office and the Chongqing Anti-Illegal Office successively issued similar risk warnings about being vigilant against illegal fundraising in the name of stablecoins and other names. (Shanghai Securities News)
According to previous news, the WeChat public platform of the Beijing Internet Finance Industry Association also recently released the Beijing Internet Finance Industry Associations Risk Warning on Being Wary of the Use of New Concepts Such as Stablecoin for Illegal Fund Raising, analyzing that such activities have five significant illegal fundraising risk characteristics.