Legal Analysis: Crowdfunding is not illegal fund-raising. Crowdfunding refers to a financing method that project sponsors use the characteristics of the Internet and social networks to mobilize the public's strength, concentrate the public's funds, capabilities and channels, and provide necessary financial assistance for small enterprises, entrepreneurs or individuals to carry out an activity or project or start a business. Illegal fund-raising is an act of promising investors to repay the principal and interest within a certain period of time without the approval of the relevant departments according to law. In addition to monetary forms, there are physical forms and other forms to raise funds for unspecified objects in society. The two are different in investor participation, operation mode, investment purpose and risk, and crowdfunding is not illegal fund-raising.

Legal basis: Article 176th of the Criminal Law of People's Republic of China (PRC). Whoever illegally absorbs public deposits or absorbs public deposits in disguised form, disrupting financial order, shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention, and shall also, or shall only, be fined; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years and shall also be fined; If the amount is especially huge or there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years and fined. If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the directly responsible person in charge and other directly responsible personnel shall be punished in accordance with the provisions of the preceding paragraph. Whoever commits the acts mentioned in the preceding two paragraphs and actively returns the stolen goods before bringing a public prosecution to reduce the occurrence of damage results may be given a lighter or mitigated punishment.