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Major Chinese Cryptocurrency Fundraising Platform Halts Operations

By Dong Tongjian and Liu Xiao
China’s second-largest exchange for “initial coin offerings” (ICOs) has announced that it has suspended all ICO-related activities as regulators seek to tighten oversight over the unregulated sector. Photo: Visual China
China’s second-largest exchange for “initial coin offerings” (ICOs) has announced that it has suspended all ICO-related activities as regulators seek to tighten oversight over the unregulated sector. Photo: Visual China

A major Chinese cryptocurrency exchange has stopped hosting fundraising of new virtual currencies, also known as “initial coin offerings” (ICOs), as the government looks to tighten oversight of the still-unregulated yet growing sector.

ICOINFO, China’s second-largest ICO exchange by value of funds raised, said in a statement Wednesday that it has suspended all ICO-related activities. The company said it would resume hosting ICOs in accordance with regulators’ specification and policies once they “have clarity from the relevant departments.”

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