Several Chinese cryptocurrency exchanges have delisted markets in a bid to comply with Chinaās recent clarifications on the legality of ICOs. Yunbi, Dahonguo, and Yuanbao have issued statements addressing the central bankās new regulations, moving to delist markets that facilitate the trade of tokens issued via initial coin offering.
Chinese Cryptocurrency Exchanges Delist ICO Markets
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Also Read:Ā Chinese AuthoritiesĀ May Freeze Bank Accounts Tied to Initial Coin Offerings
Several Chinese Cryptocurrencies Exchanges Have Delisted Pairings for Tokens Issued via Initial Coin Offering in a Bid to Comply With Chinaās ICO Crackdown
Domestic Chinese cryptocurrency exchanges Yunbi, Dahonghua, and Yuanbao have delisted markets for tokens distribution through initial coin offerings following Chinaās strict crackdown on ICOs.
Yunbi has issued a statement declaring that trading for āQTUM, GXS, EOS, ANS, DGD, 1ST, GNT, REP, SNT, OMG, PAY, LUN, and VENā pairings have been suspended. Dahonghuo has stated that the ātrading platform firmly supports the decision of the regulators,ā and that it will āactively implementā all āprinciples set by the regulatory authoritiesā. Yuanbao has also issued a notice stating that it will āstop service for ICO tokens.ā
Chinese cryptocurrency exchange, Bitbays, has posted a notice stating that it has ceased operations. The notice states that ādue to the new regulatory changes led by Chinaās central bank, the British company Bitbays decides to cease operations of its digital asset exchange āBi Bei Wangā in China. We are very sorry for the inconvenience.ā Bitbays has since posted a tweet stating that the company has āmigrated to mixcoins.comā, and that user āfunds are safe.ā
Chinese Authoritites Will āClosely Monitor the Dynamicsā of the Cryptocurrency Industries
At the start of September, The Peopleās Bank of China and seven state ministries and commissions initiated a sweeping crackdown on initial coin offerings operating in China, describing ICOs as comprising ānon-approved illegal open financing behavior, suspected of illegal sale Tokens, illegal securities issuance and illegal fund-raising, financial fraud, pyramid schemes and other criminal activities.ā As a consequence, Chinese authorities āwill closely monitor the dynamics, strengthen cooperation with the judicial departments and local governments, in accordance with the existing working mechanism. [ā¦] Suspected criminal problems, will be transferred to the judiciary.ā
Chinaās regulators have since mandated that financial institutions carry out daily monitoring of bank accounts associated with ICOs, and prohibited banks from providing financial services to companies conducting token sales.
Do you think China will be successful in its bid to eradicate ICOs from within its borders? Share your thoughts in the comments section below!
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