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Chinese Authorities warned users about cryptocurrency scams. Chinese authorities have warned investors about illegal fundraising scams carried out through cryptocurrencies. While the country is known for its strict bans on Bitcoin (BTC) and other cryptocurrencies, it continues to issue warnings.
China Goverment Made A Statement About Crypto Fraud
Dalian financial regulators and police have warned that investors are being persuaded to download illegal apps and buy illegal cryptocurrencies on online platforms, particularly WeChat groups. It was pointed out that scammers are tricking investors by creating online groups under the name of “sharing wealth and business opportunities”.
The Chinese government warned investors to be careful, reminding them that all cryptocurrency trading is banned in the country in September 2021. It was also stated that the state will not compensate the losses of people who have suffered losses due to participation in illegal fundraising events.
It was emphasized that the public should raise awareness about avoiding risks and making the right investment decisions. It also called on investors to raise awareness to stay away from virtual currency trading speculation and other illegal financial activities.