China’s Banking Regulator Warns of Metaverse Investment Peril

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The China Banking and Insurance Regulatory Commission (CBIRC) has issued a warning on illegal investment risks in relation to the metaverse.

On 18 February CBIRC issued a warning on the prevention of risk in relation to fraud and illegal fund-raising promoted using the term “metaverse.”

“Certain illegal elements have used terms such as ‘metaverse investment project’ and ‘metaverse chain tours’ to attract funds, which involves illegal criminal activity including illegal-fund-raising and fraud,” said CBIRC in an official statement.

“We request that the public strengthen risk prevention awareness and discriminatory capability, cautiously prevent fraud, and actively report any suspected criminal activity to local authorities.”