Shenzhen Local Financial Administration Bureau issues risk warning on virtual currency trading speculation

According to PANews, Shenzhen Local Financial Administration Bureau issued a "Risk Warning on Virtual Currency Trading Speculation". The risk warning pointed out that some gangs use virtual currency, overseas digital options, etc. as gimmicks to induce the masses to participate in trading speculation, disrupt the economic and financial order, breed gambling, illegal fundraising, fraud, pyramid schemes, money laundering and other illegal and criminal activities, and seriously endanger the property safety of the people.

In order to safeguard the legitimate rights and interests of the general public, the Shenzhen Local Financial Administration Bureau reminds the general public: virtual currency does not have the same legal status as legal currency, and related business activities are illegal financial activities. For those who commit crimes in related illegal financial activities, criminal liability shall be pursued in accordance with the law.

The risk warning also pointed out that virtual currency lacks a clear value basis and is extremely susceptible to malicious speculation and price manipulation. It is necessary to strictly prevent individual illegal enterprises from using virtual currency or overseas digital options as gimmicks to carry out illegal fundraising and other fraudulent activities. Please enhance your awareness of risk prevention and be careful not to become victims of fraudulent activities such as illegal fundraising.