TechFlow news, financial regulators and Dalian authorities have issued a notice urging investors to beware of "illegal fundraising activities" disguised as profitable investment opportunities involving cryptocurrencies and the metaverse, as China continues cracking down on cryptocurrency-related fraud amid its ban on crypto trading.
In the joint notice, Dalian securities regulators and six other departments stated that "criminals" are orchestrating scams through online platforms such as WeChat groups, luring investors into downloading illegal applications and purchasing unauthorized cryptocurrencies. Such activities may involve suspected illegal fundraising, fraud, and other criminal offenses, according to the authorities.
The public warning from Dalian comes after national regulators, including the People's Bank of China, previously issued several notices outlining the illegal nature of token issuance, financing, and trading.
