Published on February 20, 2024 09:27 GMT+00:00edited on February 20, 2024 09:31 GMT+00:00

Chinese financial watchdogs and police in a city in the Liaoning province released a notice urging investors to beware of "illegal fundraising activities" disguised as lucrative investment opportunities involving cryptocurrency and the metaverse as China continues its crackdown on crypto-related fraud amid a ban on crypto trading.

In the joint notice, Dalian's securities regulator and six other authorities stated that "unscrupulous individuals" have orchestrated scams through online platforms such as WeChat groups to lure investors into downloading illegal apps and purchasing illegitimate cryptocurrencies. Such behaviors could lead to suspected illegal fundraising, fraud and other criminal activities, according to the authorities.

The public warning from Dalian’s authorities came after …