PANews reported on July 13 that the "Suzhou Finance" public account released a risk warning about illegal fundraising in the name of "stablecoins", etc. In the risk warning, the Suzhou City Office of the Working Mechanism for Preventing and Combating Illegal Financial Activities reminded consumers that virtual currency does not have the same legal status as legal currency, virtual currency-related business activities are illegal financial activities, and overseas virtual currency exchanges providing services to residents in my country through the Internet are also illegal financial activities. There are legal risks in participating in virtual currency investment and trading activities. Subsequently, WeChat public platforms such as the "Ningxia Anti-Illegal and Anti-Illegal Office" and the "Chongqing Anti-Illegal" have successively issued similar risk warnings about being vigilant about illegal fundraising in the name of stablecoins, etc. (Shanghai Securities News)
According to previous news, the WeChat public platform of Beijing Internet Finance Industry Association also recently released (Beijing Internet Finance Industry Association's risk warning on being vigilant against the use of new concepts such as "stablecoin" for illegal fundraising), analyzing that such activities have five significant illegal fundraising risk characteristics.