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Friday, September 8, 2017

Four ICO Startups Refund Investors Hours After China Bans Token Sales

Four ICO Startups Refund Investors Hours After China Bans Token Sales

ICOs are now considered “illegal” in China according to the PBoC, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, China’s Securities Regulatory Commission, and many other government agencies. The central bank’s recent announcement explains that ICO’s are unregulated in China, and these operations have been evaluated by the bank as “financial fraud and pyramid schemes.”

“Any kind of ICO should stop immediately on the day of this announcement,” explains the central bank’s mandate. “Organizations or individuals that have already completed the ICO process should refund their investors to protect their rights and interests and handle the risks. The relevant departments will seriously investigate and deal with ICO activities which refuse to stop and the illegal acts in the past ICO activities.”

Full story at

Source: Bitcoin News

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