China have issued new regulations in an attempt to prevent P2P funding providers from running Ponzi schemes and raising funds illegally.
This follows the first sentencing of a Bitcoin Ponzi scheme operator in July 2016.
eFinance is increasingly becoming the fraudsters playground. How long until we see a large scale eFinance fraud impacting Western capital markets?
In a joint statement the China Banking Regulatory Commission, Ministry of Public Security, Cyberspace Administration of China and Ministry of Industry and Information Technology said that some of these firms are running Ponzi schemes and raising funds illegally