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Bitcoin price plummets as China cracks down on ‘illegal’ token sales

Published 2 years ago by Jasmine Solana

Bitcoin price plummets as China cracks down on ‘illegal’ token sales

Coin Geek via coingeek.com

People Also Read Bitcoin has hit a slump after the People’s Bank of China (PBOC) ordered a ban on fundraising activities that use initial coin offerings (ICOs). On Monday, the Chinese central bank instructed companies that have already raised money via ICOs to refund its investors, adding that it will punish similar fundraising activities in the future while penalizing legal violations in the ones that have already been completed. PBOC, which deemed ICOs as illegal, said digital token financing and trading platforms are prohibited from doing conversions of coins with fiat currencies, noting that the tokens are also barred from being used as currency on the market. Charles Hayter, founder and CEO of digital currency comparison website CryptoCompare, told CNBC that PBOC’s ban “created negative market sentiment which is weighing on the prices of several virtual currencies.” Chinese ICO platform ICOINFO was among the first to stop all ICO services. On its website, the company said it is working with groups that issued virtual tokens on its platform to return funds to investors. In February, major digital currency exchanges in China stopped Bitcoin and litecoin withdrawals on their respective platforms as they improve their anti-money laundering capabilities to prevent “illegal transactions.” The upgrades were part of the requirements set by the People’s Bank of China, who called on digital currency operators to step up their game against anti-money laundering. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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