Risk reminder on preventing virtual currency trading activities

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Business Management Department of the People’s Bank of China

In order to implement the decision and deployment of the Party Central Committee and the State Council on cracking down on virtual currency transactions, prevent and control the risks of virtual currency transactions, and protect the people’s property safety, the Beijing Local Financial Supervision and Administration Bureau has recently joined forces with the Business Management Department of the People’s Bank of China and the Huairou District Government. Relevant departments have cleaned up and rectified Beijing Tongdao Cultural Development Co., Ltd., which was suspected of providing software services for virtual currency transactions, and ordered the company to cancel. The official website has been suspended.

Here, we solemnly warn relevant institutions within our jurisdiction not to provide business premises, commercial display, marketing, and paid diversion services for virtual currency-related business activities. Financial institutions and payment institutions within the jurisdiction shall not directly or indirectly provide virtual currency-related services to customers.

At the same time, it reminds consumers that they should enhance their risk awareness and establish a correct investment philosophy. Do not participate in virtual currency trading hype activities, do not blindly follow the virtual currency-related speculative behavior, and beware of personal property and rights damage. Personal bank accounts should be cherished and not used for virtual currency account recharge and withdrawal, purchase and sale-related transaction recharge codes, and transfer of relevant transaction funds, etc., to prevent illegal use and personal information leakage. Promptly report clues about violations of laws and regulations related to virtual currency transactions, and report to the public security organs in time for suspected crimes.

Beijing Local Financial Supervision and Administration Bureau

People’s Bank of China Business Management Department

July 6, 2021