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Tuesday, September 5, 2017

China Forces ICOs To Return Funds As Korea Warns Of ‘Punishments’

China Forces ICOs To Return Funds As Korea Warns Of ‘Punishments’

The People’s Bank of China (PBoC) has confirmed the country’s ICO ban, saying the financial tool was now “illegal” while “monitoring” continues.

An official message from the bank’s website Monday announced that “all ICO activities shall cease immediately.”

“Organizations and persons already having completed ICO campaigns should return funds to investors to protect their legal rights and interests, as well as to avert any risk,” it continued.

The retroactive nature of the PBoC ban goes one step beyond a similar ban on cryptocurrency trading earlier this year when the regulator enforced a shutdown of legal exchanges which lasted several months.

Full story at

Source: CoinTelegraph

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