{"id":4257,"date":"2017-09-04T12:48:55","date_gmt":"2017-09-04T09:48:55","guid":{"rendered":"https:\/\/forklog.media\/?p=4257"},"modified":"2018-09-08T11:48:34","modified_gmt":"2018-09-08T08:48:34","slug":"china-bans-initial-coin-offerings-as-illegal-fundraising","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/china-bans-initial-coin-offerings-as-illegal-fundraising\/","title":{"rendered":"China Bans Initial Coin Offerings as Illegal Fundraising"},"content":{"rendered":"<p>Regulators in China have banned all initial public coin offerings (ICOs) pending a review and the possible introduction of regulations to control the booming market.<!--more--><\/p>\n<p>News that China was considering banning ICOs emerged last week when it was reported that China\u2019s Securities and Futures Commission, the China Banking Regulatory Commission and other regulators had met and were considering a ban on all ICOs until concerns about risks were addressed.<\/p>\n<p>The prices of Bitcoin, Ethereum, and other largest cryptocurrencies, slumped after the announcement.<\/p>\n<p><a href=\"http:\/\/forklog.media\/wp-content\/uploads\/2017\/09\/crypto-17-09-04.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4259\" src=\"http:\/\/forklog.media\/wp-content\/uploads\/2017\/09\/crypto-17-09-04.jpg\" alt=\"China Bans Initial Coin Offerings as Illegal Fundraising\" width=\"820\" height=\"594\" srcset=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2017\/09\/crypto-17-09-04.jpg 1210w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2017\/09\/crypto-17-09-04-300x217.jpg 300w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2017\/09\/crypto-17-09-04-768x556.jpg 768w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2017\/09\/crypto-17-09-04-1024x741.jpg 1024w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2017\/09\/crypto-17-09-04-470x340.jpg 470w\" sizes=\"auto, (max-width: 820px) 100vw, 820px\" \/><\/a><\/p>\n<p>As SiliconAngle reports, the decision to ban ICOs came into force over the weekend. A top-level ICO conference scheduled to be held in Beijing was canceled and major ICO trading platforms were informed by regulators that all ICOs are now officially banned because they were involved in \u201cillegal money raising.\u201d<\/p>\n<p>Notably, individuals and organizations that have completed ICO fundraisings should make arrangements to return funds, said a joint statement from the People\u2019s Bank of China, the securities and banking regulators and other government departments, that was posted on the central bank\u2019s website.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en-gb\">\n<p dir=\"ltr\" lang=\"en\">The People&#8217;s Bank of China released a statement saying that all ICO&#8217;s should be stopped immediately. <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag\">$ETH<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/x3Ip2nJffY\">https:\/\/t.co\/x3Ip2nJffY<\/a><\/p>\n<p>\u2014 WhalePanda (@WhalePanda) <a href=\"https:\/\/twitter.com\/WhalePanda\/status\/904608672709476352\">4 September 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Among those confirmed as complying with the ban is bitcoin exchange BTCChina, which according to local media only launched support for ICOs last week. Another ICO exchange, called ICOINFO, ceased trading last week ahead of the introduction of the ban.<\/p>\n<p>In a separate report, Asia Times claimed on Monday that along with the immediate ban of all ICOs in the country, China\u2019s \u201cRemediation Office of Risks in Internet Finance\u201d has ordered that all ICOs in the country be investigated by local regulatory authorities.<\/p>\n<p>The National Internet Finance Association of China had previously issued a warning to investors that some ICOs are using \u201cmisleading propaganda\u201d to promote financing activities, that the fundraising activities are taking place without regulatory approval, and that some of those ICOs are suspected of being involved in fraud, the sales of illegal securities, illegal fundraising and other acts.<\/p>\n<p>Follow ForkLog on <span style=\"text-decoration: underline;\"><a href=\" https:\/\/twitter.com\/forklog_en\/\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a><\/span> and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.facebook.com\/forklogen\/\" target=\"_blank\" rel=\"nofollow noopener\"> Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regulators in China have banned all initial public coin offerings (ICOs) pending a review and the possible introduction of regulations to control the booming market.<\/p>\n","protected":false},"author":1,"featured_media":4258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,319,36],"class_list":["post-4257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-ico","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"335","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=4257"}],"version-history":[{"count":3,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4257\/revisions"}],"predecessor-version":[{"id":5815,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4257\/revisions\/5815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/4258"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=4257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=4257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=4257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}