Mutual Gold Association releases risk warnings about participating in speculation in overseas virtual currency trading platforms

China Internet Finance Association issued risk warnings about participating in speculation in overseas virtual currency trading platforms, saying that the People’s Bank of China, together with the Central Internet Information Office and other seven departments, issued the “Announcement on Preventing Token Issuance Financing Risks” in 2017 to clarify virtual currency transactions The ICO and ICO activities are illegal financial activities, and clean-up and rectification work is carried out, but in order to avoid regulatory crackdowns, some virtual currency trading platforms register or set up servers overseas and continue to engage in related activities. The mutual gold association’s risk reminder said that after inducing consumers to enter the market, some virtual currency trading platforms “will use various market manipulation methods to occupy consumers ‘property. First, the platform buys high and buys low without consumers’ knowledge. Selling, high-frequency trading and other malicious operations invade consumers’ property. The second is that the platform uses horizontal, pull, and smashing disks to manipulate transactions, and consumers do not know the actual transaction situation. The third is that the platform often goes through downtime and pull out Internet cables, frozen assets, and other methods have suddenly stalled transactions, and consumers involved in leveraged trading have suffered heavy losses because they were unable to actively close out positions and cause liquidation. “The China Internet Finance Association reminded that any institution and individual should strictly abide by national laws and regulatory requirements , Do not participate in virtual currency trading activities and related speculation.