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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/china-ramps-up-crackdown-on-cryptocurrency-scams/" data-wpel-link="internal">China Ramps Up Crackdown on Cryptocurrency Scams</a><br></p>
<p style="text-align: justify">Today, a warning from China about the world of <a href="https://en.coin-turk.com/bitcoin-no-longer-a-passing-fancy-asserts-grayscale-ceo-michael-sonnenshein/" data-wpel-link="internal">Bitcoin</a> and <strong>cryptocurrency</strong> has made headlines. Chinese authorities are warning the public against scams involving cryptocurrencies amidst broader crackdowns. Officials in Dalian issued a notice to warn investors about illegal fundraising scams trying to deceive them with crypto or metaverse-focused investment opportunities.</p> 
<h2 style="text-align: justify" id="china-s-fight-against-crypto-fraud">China’s Fight Against Crypto Fraud</h2> 
<p style="text-align: justify">Financial watchdogs and police in a city in China’s Liaoning province have warned investors against activities promising lucrative investment opportunities in cryptocurrency and the metaverse. The activities were noted to be in the form of “illegal fundraising,” and officials also issued a notice regarding the matter.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-317102 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/cin-kripto-coin-turk-com-.jpg" alt="" width="1456" height="819"></p> 
<p style="text-align: justify">In a joint statement, Dalian’s securities regulator and six other authorities noted that “unscrupulous individuals” were engaging in fraudulent activities through online platforms like WeChat groups to lure investors into downloading illegal applications and purchasing illegitimate cryptocurrencies.</p> 
<p style="text-align: justify">The public warning from officials in Dalian follows several previous notices from the country’s regulatory bodies, including the People’s Bank of China, detailing the illegal nature of token issuance, financing, and trading.</p> 
<h2 style="text-align: justify" id="china-s-previous-crypto-focused-actions">China’s Previous Crypto-Focused Actions</h2> 
<p style="text-align: justify">In September 2021, PBOC, the Supreme People’s Court, and other central authorities issued a notice banning all cryptocurrency trading activities on the mainland. The ban declared services provided by overseas cryptocurrency exchanges to mainland Chinese residents as illegal <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> activities.</p> 
<p style="text-align: justify">In contrast to the broader crackdown on cryptocurrency trading and mining by its neighbor, mainland China, Hong Kong last year created a legal space as broad and free as possible for crypto firms. In June 2023, Hong Kong officially launched a crypto licensing regime for crypto asset trading platforms, allowing licensed exchanges to offer retail trading services. Hong Kong granted licenses to two platforms, HashKey and OSL.</p> 
<p>China’s harsh stance on the cryptocurrency market has been ongoing since 2017. Chinese investors still try to find ways to turn to cryptocurrencies. Their activities, especially in the OTC markets, occasionally make the news. Aware of this, China wants to deter this behavior with punitive measures.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/china-ramps-up-crackdown-on-cryptocurrency-scams/" data-wpel-link="internal">China Ramps Up Crackdown on Cryptocurrency Scams</a></h5>

China Ramps Up Crackdown on Cryptocurrency Scams

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