An Interest In:
Web News this Week
- April 24, 2024
- April 23, 2024
- April 22, 2024
- April 21, 2024
- April 20, 2024
- April 19, 2024
- April 18, 2024
September 4, 2017 04:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Iuz00osISoQ/china-bans-companies-from-raising-money-through-icos
China Bans Companies From Raising Money Through ICOs
Regulators are about to begin scrutinizing China's initial coin offerings -- an industry worth hundreds of millions of dollars. From a report: Local outlet Caixin reported that a notice, issued by a working committee that oversees risk in the country's internet finance sector, said new projects raising cash or other virtual currencies through cryptocurrencies will be banned. It added that authorities will crack down on related fraudulent practices. The document defined initial coin offerings (ICOs) as an unauthorized fundraising tool that may involve financial scams, the Caixin report noted. The committee provided a list of 60 major ICO platforms for local financial regulatory bodies to inspect. Seven government administrations including the People's Bank of China, China Securities Regulatory Commission, China Banking Regulatory Commission and China Insurance Regulatory Commission issued a joint statement where they reiterated that ICOs are unauthorized illegal fund raising activity. The statement said authorities are banning all organizations and individuals from raising funds through ICO activities and that all banks and financial institutions should not do any business related to ICO trading.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Iuz00osISoQ/china-bans-companies-from-raising-money-through-icos
Share this article:
Tweet
View Full Article
Slashdot
Slashdot was originally created in September of 1997 by Rob "CmdrTaco" Malda. Today it is owned by Geeknet, Inc..More About this Source Visit Slashdot