Chinese Regulators Issue Joint Warning On Fake Crypto Fundraising

News, Regulation | August 27, 2018 By:

Chinese regulators have warned citizens about illegal fundraising attempts claiming affiliation with the blockchain industry.

In a joint statement, the Banking Regulatory Commission, the People’s Bank of China, the Ministry of Public Security, the State Administration for Market Regulation, and the Central Cyberspace Affairs Commission warn of “lawless entities” seeking to raise funds “using the banner of financial innovation and blockchain” in exchange for crypto assets.