Anhui Province, China Intensifies Crackdown on Multi-level Marketing Schemes Tied to Cryptocurrency and Blockchain

Anhui Province, China Intensifies Crackdown on Multi-level Marketing Schemes Tied to Cryptocurrency and Blockchain

**Anhui Province Intensifies Crackdown on Multi-level Marketing Fraud** In a bid to curb the rise of fraudulent activities, the Anhui Provincial Government in China has initiated a dedicated campaign to crack down on illegal multi-level marketing (MLM) schemes that exploit blockchain, cryptocurrency, and other related technologies. This intensive operation, titled "Operation 2024," commenced on May 13 and will continue through December 10. Headed by the Anhui Public Security Bureau, the initiative is designed to identify and investigate MLM companies that falsely utilize blockchain, metaverse, cryptocurrency, cryptocurrency mining, and foreign exchange trading to lure unsuspecting individuals. The government aims to protect citizens from financial losses and promote a healthy economic environment. **Blockchain and Cryptocurrency Fraud on the Rise** Previously, the Anhui Provincial Government has taken proactive measures to combat cryptocurrency-related fraud. In May 2024, authorities launched a concentrated effort to uncover and prosecute illicit activities involving blockchain, metaverse, and cryptocurrency. This ongoing campaign underscores the growing prevalence of MLM fraud in China and the need for vigilant enforcement actions. The involvement of blockchain and cryptocurrency has added new layers of complexity, necessitating specialized expertise in investigating and deterring these sophisticated schemes. Citizens are urged to remain cautious and conduct thorough research before investing in any MLM opportunities. They should also report suspicious activities to the relevant authorities. The government remains committed to safeguarding the financial well-being of its citizens and maintaining a stable economic landscape. Previously on May 16, 2024, Anhui Province launched a concentrated crackdown on illegal multi-level marketing within its jurisdiction. The project, named "Operation 2024," aims to detect multi-level marketing companies under the guise of blockchain, metaverse, cryptocurrency, cryptocurrency mining, foreign exchange trading, and more. The Anhui Public Security Bureau will lead the investigation.