Officials in Shenzhen, China, warned the citizens about the illegal funds raising schemes, which are tired of stabechoin and cryptocurrency investment.
City Government Task Force of Shenzhen to combat illegal financial activity Released On Monday, a warning urges the public to be vigilant with unlicensed institutions promoting digital asset investments.
Officials said that group investors and fuel exploitation of public stabelin and crypto-related conditions to mislead speculative investments.
He said that such organizations are often fronts for illegal operations that operate money, online gambling, fraud, pyramid schemes and money laundering.
The task force said that the groups do not have the right to raise money from the public and warned the citizens that there is no possibility of reimbursement of the damage caused by these schemes.
Under Chinese law, individuals who participate in illegal money raising can tolerate personal liability for financial loss.
Shenzhen’s village has urged the public to “rational” investment mentality
The city government also urged the public not to believe in grand promises. Read an english translation:
“We urge the public to adopt a rational investment mentality, visually avoid believing grand promises, establish the right understanding of money and investment, and is cautious to avoid cheating.”
Officials also informed the citizens to report any institution raising money under the guise of stabeloin investment or similar schemes. Chinese officials said that people can report these illegal activities to their district officials or law enforcement.
He said that the concerned departments will verify the lead and work accordingly. In addition, informers can receive awards based on relevant rules.
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Fake JD StableCoin warns between waves of promo
The warning occurred after a week when he emerged on the Chinese social media on the Chinese social media.
On June 30, the Chinese e-commerce giant said the institutions were misleading the public, claiming to be affiliated to the company and offer fake stablecéds in exchange for users who signed up. According to Vachat accounts, similar fraud stabechoin campaigns have surfaced across China.
JD has shown a strong interest in Stablecoins. On 18 June, it announced a plan to apply for a stabechoin license in Hong Kong.
https://www.youtube.com/watch?v=bwzodbdbiuw
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