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

  • Alex Dovbnya
    📰 News

    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


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
 

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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