China Bans Fundraising Through ICOs

Zhu Shenshen: China has banned individuals and organizations raising funds through initial coin offerings (ICOs), a form of fundraising in which technology startups issue their own digital coins, or “tokens,” to investors to access funds.

The People’s Bank of China, the securities and banking regulators and other government departments said in a statement yesterday: “ICOs, in essence, are a kind of unauthorized and illegal public fundraising, which is suspected of being related to criminal activities such as financial fraud and pyramid schemes.”

Individuals and organizations that have completed ICO fundraising…

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