China Warns of Unregulated Crypto Risks Amid Fraud Concerns
The Beijing Internet Finance Industry Association (BIFA) recently issued a warning about the risks associated with unregulated cryptocurrency operations in China. The warning, disseminated through BIFA’s verified WeChat channel, cautions investors against schemes that promise fixed returns, emphasizing the potential dangers of fraudulent activities. These schemes often lack legitimate licenses and use complex technical jargon to mislead investors, making it difficult for them to distinguish between legitimate investments and scams.
The warning specifically highlights historical frauds such as the 2019 PlusToken scandal, which involved the accumulation of approximately 200,000 BTC and 9 million ETH. This incident serves as a stark…
