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

News
Fri, 08/24/2018 - 16:08
Alex Dovbnya
China is on a roll with its anti-crypto policies this week. After blocking offshore exchanges the country has also issued an official warning about ICOs
Cover image via U.Today

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
 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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