Metaverse started to attract fundraising scams, China warns

China’s banking and insurance regulator has published a statement alerting investors against companies using the Metaverse for illegal fundraising.

China’s banking and insurance regulator is trying to crack down on Metaverse-related fundraising.

A Friday notice from the China Banking and Insurance Regulatory Commission has sounded the alarm against unknown groups “fabricating false Metaverse investment projects” and making false claims to absorb public funds. The notice has specifically warned against two projects that it suspects of sell the Metaverse narrative to illegally raise funds: Metaverse Investment Project and Metaverse Chain Tour.

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