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China Bans Initial Coin Offerings Calling Them 'Illegal Fundraising'

Liang CHE

Summary: Chinese regulators have launched a crackdown on individuals and firms raising funds by offering their own digital currencies. The People's Bank of China has declared initial coin offerings (ICOs) illegal and wants them to "cease immediately". A growing number of tech companies are opting to sell digital "tokens" because they are quick, easy and unregulated. ...

Chinese regulators have launched a crackdown on individuals and firms raising funds by offering their own digital currencies.

The People's Bank of China has declared initial coin offerings (ICOs) illegal and wants them to "cease immediately".

A growing number of tech companies are opting to sell digital "tokens" because they are quick, easy and unregulated.

The ban saw sharp falls in the two leading crypto-currencies, with bitcoin tumbling $200 on Monday.

By Liang CHE

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