PANews reported on July 13 that the "Suzhou Finance" WeChat account published a "Risk Warning about Guarding against Illegal Fundraising under the Name of 'Stablecoins'". In the risk warning, the Suzhou Office for Preventing and Combating Illegal Financial Activities reminded consumers that virtual currencies do not have the same legal status as legal tender, virtual currency-related business activities are illegal financial activities, and overseas virtual currency exchanges providing services to domestic residents through the internet are also illegal financial activities, and participating in virtual currency investment and trading activities carries legal risks. Subsequently, WeChat public platforms such as "Ningxia Anti-Illegal Finance" and "Chongqing Anti-Illegal" successively released similar risk warnings about guarding against illegal fundraising under the name of stablecoins. (Shanghai Securities News)
Previously, the Beijing Internet Finance Industry Association WeChat public platform also released a "Risk Warning by the Beijing Internet Finance Industry Association about Guarding against Illegal Fundraising Using New Concepts like 'Stablecoins'", which analyzed five prominent characteristics of illegal fundraising in such activities.
