The industry association said crypto-based gambling is harder to detect and carries higher risks, urging the public to avoid related transactions and protect fund safety.
China Payment & Clearing Association issued a public warning on July 5 aimed at improving anti-fraud and anti-gambling awareness, with a specific focus on cross-border gambling scams funded through virtual currency deposits. The group said using virtual currency in gambling is more concealed and riskier, and stressed that both participating in gambling and providing fund-settlement services for gambling activities are illegal and non-compliant. It urged the public to avoid virtual currency gambling transactions and safeguard their funds.