Shenzhen: Beware of Illegal Fundraising in the Name of Stable Coins and Others

Recently, digital currencies represented by stablecoins have attracted wide attention in the market. Monitoring has found that some illicit institutions use "financial innovation" and "digital assets" as a pretext, taking advantage of the public's lack of understanding of stablecoins and other aspects, to absorb funds through issuing so-called "virtual currencies," "virtual assets," "digital assets," and other means, inducing the public to participate in speculative trading, disrupting economic and financial order, and breeding illegal fundraising, gambling, fraud, pyramid schemes, money laundering, and other criminal activities, seriously endangering the security of public property. The Office of the Special Task Force on Preventing and Combating Illegal Financial Activities in Shenzhen reminds you: such illicit institutions do not have the qualification to openly absorb public deposits without the approval of the national financial regulatory authorities or in violation of national financial regulations. These institutions speculate on stablecoins and other new concepts, fabricate so-called "virtual currencies," "virtual assets," "digital assets" investment projects, openly spread false propaganda and absorb public funds, breeding illegal fundraising, gambling, fraud, pyramid schemes, money laundering, and other criminal activities.