TechFlow news, a relevant official from the Shenzhen Municipal Financial Supervision and Administration Bureau stated that since this year, Shenzhen has been carrying out concentrated investigations and rectifications of illegal fundraising and stability-related risks, clearly defining the responsibilities of various departments and the municipal task force against illegal fundraising, strengthening coordination among agencies to enhance efforts in combating and handling illegal fundraising.
According to reporters, during the first half of 2020, Shenzhen saw over 30 new cases of illegal fundraising involving more than 14 billion yuan. By industry type, over 20 newly emerged cases occurred in the P2P and private equity sectors, involving over 13 billion yuan. P2P platforms and private equity—areas involving mass financial activities—remain the top priorities in anti-illegal fundraising efforts.
The Shenzhen Branch of the People's Bank of China has conducted clean-up and rectification operations targeting virtual currency exchanges and unauthorized interest-bearing foreign exchange trading platforms. They have organized enhanced monitoring of virtual currency trading venues and ICO platforms within the jurisdiction, using various monitoring tools for continuous surveillance, adhering to the principle of “nipping problems in the bud, acting immediately upon detection,” rectifying and shutting down illegal virtual currency platforms, while advancing cleanup efforts against illegal foreign exchange trading platforms. (People's Daily Online)
