TechFlow News — According to an official announcement, the Shenzhen Municipal Financial Regulatory Bureau has issued a notice on further preventing illegal activities related to "virtual currencies." The authorities stated that recently, as prices of Bitcoin, Ethereum, and other virtual currencies continue to rise, speculation in virtual currencies has resurged. Some individuals are conducting illegal virtual currency activities under the guise of "virtual currency" or "digital currency," violating the "Announcement on Preventing Risks of Token Issuance Financing" released by the People's Bank of China and six other ministries, and are suspected of engaging in unlawful activities such as illegal fundraising, pyramid schemes, online gambling, and fraud. Examples include launching Bitcoin wealth management projects promising "principal protection and guaranteed returns," luring investors to purchase virtual currencies in the form of "XX Coin" or "XX Beans" under the pretense of "investment rebates," and promoting offshore-registered virtual currency projects by providing publicity and traffic diversion to entice investors to participate. The Office of the Shenzhen Internet Finance Risk Rectification Working Group continues to carry out cleanup and rectification efforts against these illegal activities, taking strict measures including on-site interviews, administrative investigations, and criminal crackdowns. The public is urged to remain vigilant against such illegal activities, promptly report any suspicious leads, and avoid falling victim to scams.
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