$XNY Risk Warning on Preventing Illegal Activities Involving Virtual Currencies

Recently, concepts related to virtual currencies have been heating up rapidly. Some criminals have taken advantage of this to hype up related trading and speculation activities, carrying out illegal fundraising, pyramid schemes, and fraud under the guise of stablecoins, "air coins" (such as Pi Coin), real-world asset (RWA) tokens, and "mining." They also use virtual currencies to transfer proceeds from illegal and criminal activities, which seriously infringe upon the property safety of the general public and disrupt the normal economic and financial order. In order to further implement the requirements of the "Notice on Preventing Token Issuance Financing Risks," "Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation," and other directives issued by the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and other departments, as well as to follow the spirit of the meeting on the coordinated mechanism for combating virtual currency trading and speculation, the National Internet Finance Association of China, China Banking Association, Securities Association of China, Asset Management Association of China, China Futures Association, China Association for Public Companies, and Payment & Clearing Association of China jointly issue this risk warning.