China Payment Association Warns Against Cryptocurrency-Funded Cross-Border Gambling Scams

The China Payment Association issued a fraud prevention advisory on July 5, warning of risks associated with using cryptocurrency to fund cross-border gambling schemes. The association noted that virtual currency-based gambling presents heightened concealment and risk factors, emphasizing that participating in gambling or providing settlement services for gambling activities via cryptocurrency constitutes illegal conduct. The advisory urges the public to avoid cryptocurrency gambling transactions and maintain financial security.
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