China Doubles Down on ICO Ban By Issuing Additional Warning About Crypto Fundraising ‘Frauds’

China is on a roll with its anti-crypto policies this week– after blocking a slew of offshore exchanges and prohibiting crypto-related events, the country has also issued an official warning about ICOs. The warning, published in the form of a joint statement endorsed by six government agencies, blasts coin offerings as ‘illegal,’ comparing them to financial pyramids. Chinese officials claim that it is extremely hard to track ICO-related funds  since coin issuers usually operate from abroad. 

While China’s clampdown on cryptocurrencies continues, the country’s court struggles to rule on a rising number of crypto-related disputes.