Beijing Haidian District Financial Management Bureau: Beware of illegal fundraising under the guise of stablecoins and other names

ChainCatcher News: The Haidian District Local Financial Supervision Administration of Beijing has issued a notice stating that recently, digital currencies represented by stablecoins have attracted widespread attention in the market. Some illegal organizations use terms like "financial innovation" and "digital assets" as gimmicks, taking advantage of the public's lack of understanding of stablecoins and similar concepts to raise funds through the issuance of so-called "virtual currencies," "virtual assets," and "digital assets," inducing the public to participate in trading speculation, disrupting the economic and financial order, and breeding illegal activities such as illegal fundraising, gambling, fraud, pyramid schemes, and money laundering, which seriously endanger the property safety of the public.

The Haidian District Local Financial Supervision Administration of Beijing reminds you: No organization may raise funds from the public without the legal permission of the national financial management department. Some illegal organizations are speculating on new concepts like stablecoins, publicly promoting false information, and raising public funds, leading to various illegal activities such as illegal fundraising. The "Regulations on Preventing and Dealing with Illegal Fundraising" stipulate that the state prohibits any form of illegal fundraising, and any losses incurred by participants in illegal fundraising shall be borne by the participants themselves.