China’s Central Bank Bans Initial Coin Offerings

 

Today, China has officially banned ICOs. According to a statement issued by seven financial regulators of the country, the ICOs were declared illegal financial activities, the central bank would describe the initial coins offerings as “illegal fundraising”, and ordered the cessation of all ICOs currently in progress in China.

Now it is prohibited to raise funds through ICOs, individuals and organizations that have already completed the ICO fundraising previously are required to return all investor funds.

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