PANews reported on November 2nd that the People's Court of Lechang City, Shaoguan, Guangdong Province, concluded a case of fraud involving foreigners. After gaining the trust of the victims, the criminals guided them to invest in virtual currency on a fake platform, thereby defrauding them of their money. An investigation revealed that one foreign victim was defrauded of RMB 4,619.9. The Lechang Court sentenced the criminals to prison terms ranging from six to eight months and imposed fines. The judge reminded the public that the claim of "only defrauding foreigners" is not a legal exemption; overseas is not a lawless zone, and one should not believe the fallacy that "defrauding foreigners is not illegal."



Fintechs bypass traditional banking to offer stablecoin access, yield and spending in emerging markets. Programmable money leapfrogs legacy infrastructure. Opinion by: Morgan Krupetsky, vice president of Onchain Finance at Ava LabsOn the heels of the GENIUS Act’s passing, the next era of stablecoin usage is being driven by a growing cohort of fintechs and neobanks — integrating stablecoins into their product and service offerings, going where traditional systems have found it economically or operationally infeasible to do so, and, as such, growing their competitive edge. These challenger systems are providing a direct way for people and businesses to more readily access and store stable value in mobile wallets; to navigate financial stability concerns around hyperinflation and currency volatility; to effectuate remittances and other cross-border transactions; to access credit and savings; and ultimately to spend down or against their holdings in real time. Read more