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China, which has come to the fore with its harsh bans on Bitcoin (BTC) and cryptocurrencies, has issued a new warning.
Accordingly, the Shenzhen government of China said in an official statement that cryptocurrencies and stablecoins have recently attracted widespread interest and warned investors against possible fraud cases.
The Shenzhen Office of the Special Task Force for Prevention and Control of Illegal Financial Activities issued a warning titled “Beware of the Risks of Illegal Fundraising in the Name of Stablecoins and Other Instruments.”
The statement noted that recently, stablecoins and cryptocurrencies have received widespread attention from the market and that they have been misused.
The statement said that some illegal organizations are illegally raising funds using concepts such as stablecoins and digital assets and are engaged in illegal fundraising, fraud, money laundering and other illegal activities.
At this point, officials advised the public to remain vigilant and informed about investment opportunities.
Authorities finally reminded that the “Regulation on Preventing and Dealing with Illegal Fundraising” prohibits the state from collecting any kind of illegal funds.
And he said people should report any schemes or incidents involving cryptocurrency to authorities if they hear about them.
*This is not investment advice.