Chinese regulators have moved to rein in financial risks associated with virtual currency trades and pyramid schemes. In January 2017, a Chinese court sentenced two people to life imprisonment for fraud in a pyramid scheme involving 15.6 billion yuan (USD 2.44 billion) that tricked in more than 200,000 people, the online publication continues.
The Chinese public security ministry will act jointly with the industrial and commercial department to stamp out pyramid-type schemes, besides punishing those who swindle students and vulnerable groups, according to an official statement on the ministry’s website.
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