crypto news

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

Published 3 years ago by Jasmine Solana

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

Coin Geek via

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

South Korea’s Coinplug starts trading Bitcoin Cash

And the latest company to join the mix is Bitcoin brokerage and service provider Coinplug. On Friday, the South Korean company announced the launch of its new trading platform called Coinplug Digital ... Read More

Russia prosecutes 3 in first Bitcoin-related criminal case

People Also Read Three businessmen have found out the hard way that trading bitcoin and other digital currency is not legal—yet—in Russia. Last week, Kostroma police and Federal Security Servi ... Read More

Going mainstream? Bitcoin makes it to John Cena’s Instagram

People Also Read There’s no denying that Bitcoin and cryptocurrencies in general are steadily gaining the interest of people from all walks of life, so much so that even “You can’t see me” wre ... Read More

Beleaguered Bitcoin exchange BTC-e opens new website

On Friday morning, the Bitcoin exchange announced via Twitter that the site is available through the domain btc-e. BTC-e’s original domain was seized by U.S. authorities in July after Russian national ... Read More

A Bitcoin world: with Dr Craig Wright

The talks will each be capped off with a QA between the speaker and the audience. Our speaker Dr. Craig Wright is an Australian computer scientist, businessman and inventor who challenges the world wi ... Read More