Is it illegal to be cheated by digital currency transfer

1. A number of victims of virtual currency fraud cases distributed all over the country said that they were refused to file a case when reporting to the local police because virtual currency could not be valued and could not reach the starting loss amount of theft or fraud. This situation may be affected by the announcement on preventing the financing risk of token issuance issued by seven ministries and commissions on September 4, 2017 (hereinafter referred to as the announcement). Generally speaking, fraud and other crimes of infringing property rights have the starting point of "large amount" According to the interpretation of the Supreme People's Court on Several Issues concerning the specific application of law in the trial of fraud cases, indivials who defraud public or private property of more than 2000 yuan belong to "large amount". However, the announcement clearly pointed out that "any so-called token financing trading platform shall not provide pricing, information intermediary and other services for token or virtual currency." Therefore, it is difficult for the public security organs to recognize the price of virtual currency displayed on the trading platform, and to estimate the value of virtual currency when the victims encounter virtual currency fraud, so as to determine whether the case meets the filing standard.

2.

In China, digital currency is illegal. According to the regulations, financial institutions and non bank payment institutions shall not directly or indirectly provide procts or services such as account opening, registration, trading, clearing and settlement for token issuance financing and "virtual currency"

it is not allowed to underwrite insurance business related to token and "virtual currency" or include token and "virtual currency" in insurance liability. Financial institutions and non bank payment institutions shall report to the relevant departments in a timely manner if they find clues of violation of laws and regulations in token issuance financing transactions

extended information:

since the announcement on preventing the financing risk of token issuance was issued, any so-called token financing trading platform shall not engage in the exchange business between legal tender and token and "virtual currency", and shall not buy or sell tokens or "virtual currency" as a central counter party, It is not allowed to provide pricing, information intermediary and other services for token or "virtual currency"

for the token financing trading platform with illegal problems, the financial management department will request the competent department of telecommunications to close its website platform and mobile app according to law, request the network information department to remove the mobile app from the app store, and request the instrial and commercial administration department to revoke its business license according to law

3. Can solve withdrawal recovery, do not panic, keep good chat records, transaction records and other evidence. Find a regular rights company to help you recover. Most of the domestic platforms are not up to standard, try to avoid operation, not greedy for huge profits! In fact, if you are cheated by black platforms such as foreign exchange and options, don't be afraid to lose heart. If you collect your own rights protection materials in time, you can recover them. Deposit records, transaction records, bank flow and so on are all vital rights protection materials. Before the platform is completely shut down, recover the principal.

4.

Digital currency is a new technology that can be used to improve transaction efficiency, but now it has been targeted by some lawless elements and carried out marketing and fraud in its name, using ordinary people's ignorance of digital currency to deceive investment and investors

Generally speaking, we investors or cheated people should prepare the following evidence:

1. The chat records between relevant chat records and analysts or agents or order calling personnel are the most basic evidence, because such evidence can fully reflect the whole process of our cheated people being cheated and the illegal places of relevant business personnel in the chat process, Can be fully reflected in the chat record

2. The evidence of relevant deposit and withdrawal records is the deposit and withdrawal of the bank account of the investor or the cheated person, which can reflect the investment and withdrawal of the cheated person, and the difference between the two is basically the total capital loss of the investor. This kind of evidence can be preserved by the cheated basically, just go to the bank and print the bank account

the above evidence is the basic evidence that investors or cheaters should have, but not all the evidence. In the process of power only, if there is no or incomplete basic evidence, then the difficulty of power only will increase, but the light of justice is still willing to take up the weapon of law to help you safeguard your vital interests! Willing to give the most professional legal aid! Promise only right is not successful, do not charge the slightest fee

5. It is illegal to buy and sell digital currency in China
according to the announcement on preventing the financing risks of token issuance jointly issued by the central bank and other seven ministries and commissions, the announcement points out that any so-called token financing trading platform shall not engage in the exchange business between legal tender and token and "virtual currency", and shall not buy or sell tokens or "virtual currency" as a central counter party, It is not allowed to provide pricing, information intermediary and other services for token or "virtual currency"
the announcement points out that token issuance financing refers to the so-called "virtual currency" raised from investors through the illegal sale and circulation of tokens. In essence, it is an unauthorized illegal public financing behavior, suspected of illegal sale of token bills, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal criminal activities<
extended information:
the central bank said that the so-called "digital currency" in the market is not legal digital currency:
the central bank's gold and silver Bureau issued a "risk warning on issuing or promoting digital currency in the name of the people's Bank of China" on its official website, saying that recently, indivial enterprises falsely used the name of the central bank and labeled relevant digital procts as "authorized issuance of the people's Bank of China", Or they falsely claim that the central bank's digital currency promotion team is trying to deceive the public and make huge profits
the central bank said that the central bank has not issued legal digital currency, nor authorized any institutions and enterprises to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency. The central bank also suggested that the so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud
in fact, virtual currencies such as bitcoin and lightcoin are representatives of the so-called digital currency. The central bank said in 2016 that it was studying China's legal digital currency. Yao Qian, director of the digital currency Research Institute of the people's Bank of China, previously told the media that the prototype scheme for the central bank to issue legal digital currency has completed two rounds of revision, and is expected to be tested in relatively closed application scenarios such as the bill market in the future, but there is no clear timetable for its launch
reference source: Xinhuanet - has anyone issued digital currency in the name of the central bank
source of reference: China Securities Regulatory Commission - Announcement on preventing financing risks of token issuance

6. Strictly control the system loss sharing:
when the system loss is generated, it is shared equally by the profit-making customers after the settlement. Especially when the big market occurs, the sharp drop or sharp rise of the price will cause the customers to burst their positions in a large area, forming a huge system loss, and the loss will be shared equally by the profit-making customers. The mechanism of position margin + floating margin is adopted, A customer's position needs a fixed margin. When the floating margin reaches the warning line, the system will remind the customer to add margin. Otherwise, when the margin is not enough to hold so many positions, the system will forcibly level off the excess positions to control the risk of the customer. This mechanism strictly controls the leverage, and the leverage of futures can reach 10 times at most, The size of the position is determined by the customer's capital. Generally, a slightly larger fluctuation will not cause the customer to burst the position, so that the profit customers will not be allowed to share the system loss. Then the customer's profit capital can be fully recorded<

circuit breaker price mechanism:
the exclusive digital currency circuit breaker mechanism is provided. When the price fluctuates sharply in a short time, such as 10% within a few minutes, the circuit breaker mechanism will be triggered. If the price exceeds the circuit breaker price within one minute, the Commission will stop reporting. If the circuit breaker price is still maintained after one minute, the circuit breaker price will continue to be expanded. At this time, the client can continue to commission, But still can not exceed the current price. In this way, the fairness of the trading environment is prevented from being affected by human malicious entrustment, and the price manipulation is also avoided

- "detailed explanation of lightcoin Futures Rules"

7. Companies to buy digital currency to go your real name authentication account, your behavior is not illegal, just use your personal account

8.

If you are cheated, you can choose to report to the police in time for recovery

digital currency is an emerging technology that can improve transaction efficiency, but it is targeted by lawless elements to carry out pyramid selling and fraud in its name. The official website of the monetary Bureau of the people's Bank of China issued the risk warning on issuing or promoting digital currency in the name of the people's Bank of China. The central bank indicated that recently, indivial enterprises falsely used the name of our bank

falsely claimed that the central bank issued digital currency promotion team in an attempt to deceive the public and take the opportunity to make huge profits. The central bank has not issued legal digital currency, nor has it authorized any institution or enterprise to issue legal digital currency

extended information:

the introction of digital currency transactions is as follows:

the so-called "digital currency" in the market is not legal digital currency. At the same time, the so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud

the "internet pyramid selling identification guide" issued by Jiangsu Internet Finance Association named 26 kinds of so-called digital currencies as illegal pyramid selling projects under the guise of digital currency. They are: treasure money, Baichuan money, SMI, MBI, mark money, dark money, mmm, Fuda compound interest financing, etc