China warns against using metaverse as a tool for illegal fund-raising

Beijing: China's banking and insurance regulator issued a warning on Friday against using the metaverse as a tool for illegal fund-raising, amid widespread speculation in the private sector.

The China Banking and Insurance Regulatory Commission said in a statement published on its website that some companies were advertising engaging in illegal fund-raising, fraud, and virtual real estate speculation.

"Beware of being duped, and if you find clues of suspected illegal crimes, please actively report this to the relevant local departments," the statement said.