Financial watchdogs and police in a city in China’s Liaoning Province are continuing to crack down on cryptocurrency-related fraud amid the cryptocurrency ban, warning against “illegal fundraising activities” disguised as lucrative investment opportunities related to cryptocurrencies and the Metaverse. A notice was issued urging investors to: transaction.
in the joint To find out, the securities regulator in Dalian and six other authorities, said “unscrupulous individuals” orchestrated the scam through online platforms such as WeChat groups to lure investors into downloading illegal apps and buying illegal cryptocurrencies. According to authorities, this activity may be suspected of illegal fundraising, fraud and other criminal activities.
Dalian authorities’ public warning follows several prior notices from state regulators, including the People’s Bank of China, detailing the illegality of token issuance, financing and trading.
In September 2021, the PBOC, the Supreme People’s Court, and several other central authorities issued a notice banning all cryptocurrency trading activities on the mainland. The ban clarifies that services provided by overseas cryptocurrency exchanges to Chinese citizens living on the mainland are considered illegal financial activities.
Unlike neighboring mainland China’s widespread crackdown on cryptocurrency trading and mining, Hong Kong We have launched a welcome mat for cryptocurrency companies last year. In June 2023, Hong Kong officially launched a cryptocurrency licensing regime for virtual asset trading platforms, allowing licensed exchanges to provide retail trading services. Hong Kong has licensed two platforms: HashKey and OSL.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.