Caixin
FINANCE

China to Tame Wild West of Cryptocurrency Trading

By Wu Yujian, Zhang Yuzhe, Peng Qinqin and Han Wei
More curbs are likely to follow in China's cybercurrency market because regulators want to prevent speculative trading in the secondary market. Photo: Visual China
More curbs are likely to follow in China's cybercurrency market because regulators want to prevent speculative trading in the secondary market. Photo: Visual China

Cryptocurrency investors and enthusiasts in China have felt the crunch over the past several weeks, following regulators’ crackdown on scams linked to virtual currency-based financing activities.

Last week, China became the first country to ban fundraising in new blockchain-based currency, also known as “initial coin offerings” (ICOs), after the central bank and six regulatory bodies deemed such deals illegal. 

As of Thursday, the ban had led to the closure of at least two-thirds of China’s 60 ICO platforms. Regulators have also ordered companies that had raised funds this way to liquidate the proceeds and give refunds to investors.

You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright ?2017 Caixin Global Limited. All Rights Reserved.