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.

Izaan Zubair
Izaan's inquisitive in technology drove him to launch his website Tech Lapse. He usually writes pieces on emerging technology, anime, programming and alike niches. He can be reached at [email protected]
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