China to Tame Wild West of Cryptocurrency Trading
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.
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