Topic: ICO is officially banned in China !!! - page 15. (Read 11280 times)

I'm pretty confident that the PBOC is just buying time to develop proper regulations. In their eyes, something needed to be done about the rampant unregistered security offerings. I'd have preferred they took a more hands-off approach in the meantime, like the SEC did, but c'est la vie.

ETH is actually recovering nicely, along with BTC and other major coins. The fact is that this, fundamentally, has no bearing on actual cryptocurrencies like BTC. And even though Ethereum itself was launched via ICO (paid in bitcoins), I don't think this was intended to target it.

Price of Bitcoin already regrow up, nice.
I hope this notice doesn't damage the crypto world

This way all other countries too would plan to ban ICOs and if China's effect could be this disastrous for the market, the altcoins trading currently would crash and no project would manage to make money and succeed. US did not have much effect as China had on the market (especially for Ethereum).Now they are even asking for a refund from the ICOs they consider fraudulent and scams as over 2.5 billion dollars have been invested in such ICOs. How would they manage to get an account of all those funds?

Yeah heard the news and saw the effects also. China looks trouble to us it can get the market upside down at any time. Never thought any government would charge something like this and will share the crypto world really. I think it won't last for longer times because they have most of the trading volume in crypto currency. If they keep the ban for long time it means they are locking the funds if those people who invested into ICO and this wil affect the country's economy for sure because the volume of trade is for sure very high.

There is not much to worry about China banning ICO, its the scam ICO that is something to worry because there are a lot of these scam ICO already offering 100% bonuses which is very attractive to the investors looking for quick profit. I guess if they can regulate it soon they will also lift the ban.

Nothing surprising IMHO because a few companies did conduct scam ICOs which is why governments may interfere and take such harsh steps over their citizens to stop them investing into these ICOs most of which are "schemes". I recently saw an ICO which is assuring everyone that if people will buy their tokens, they may be able to 5x, even 10x their investments which is actually ridiculous. But then, we don't live in China nor USA, so is there a need to worry?

The legality of competitively proof-of-work mined coins are not at all afflicted by recent events.

So prior rulings about the legality of Bitcoin are irrelevant to the issue about ICOs.

The difference compared to prior Chinese regulatory actions, is that this appears to have been a coordinated event amongst regulators in many nations.

And the ETH ICO madness was entirely out-of-control and risking naive investors’ funds in a plethora of scams. It became a new Xerox copy ICO every day scam. The nations had no choice but to act. And surely the SEC and other nations will follow. I think Asia acted first because their governments are less democratic and more authoritarian, so they can act quicker. The democratic nations will follow because their regulators have the same responsibility to their citizens. The wheels just move slower in the democratic nations. Asia is finely oil machine that is more efficient than the West now.

The issue is not exclusive to China. China, Canada, Russia, South Korea, and Singapore have warned about coming enforcement action. The SEC already recently warned in the context of The DAO. Obviously the recent events are coordinated between regulators in all these nations including probably the SEC.

Click here for a longer explanation of why proof-of-work mined tokens are not investment securities and thus not afflicted by recent events.

The above link also discusses Ethereum’s ETH, Ethereum ICOs, and others.

It is also very important to note that pre-existing ICO-issued tokens, are illegal to trade and can be delisted from exchanges. Your home country can make it illegal for you to trade them. The above link explains this is more detail.

Please stop spreading the incorrect information, implying that ICOs will come back or that pre-existing ICOs can still be traded. Most people do not want to go to jail or suffer fines. Even if they regulate ICOs, these will only be tradeable on registered exchanges and will not be spendable as cryptocurrencies (i.e. not allowed to be traded decentralized). Thus these new regulated ICOs will not be very useful. It will not be the same.

Many shady exchanges and their largest traders are likely to suffer fines and threats of criminal prosecutions. Today is only the beginning of a massive global crackdown. The gears may move somewhat slowly but over the coming year there will be massive changes to the crypto ecosystem. All the hard-headed will have their fingertips burned up to their armpits as necessary for authorities to stop the rapid proliferation of investment securities scams.


There will be no greater fools to sell the ICOs to, when they are not legal.

The ICO scam model depends on selling to newbies who come in and believe these 100s of Xerox copy ICOs each have a chance to become the next Bitcoin or Ethereum.

Nobody is going to speculate on illegal ICOs, because there will be no mass market for them, thus no way to hype them.

And it is not just USA and China that are banning ICOs. Same as was the case for FATCA (a USA only law), it became enforced in every country in the world, because the USA threatened to penalize every nation that did not comply.

We’ve already got Canada, Russia, China, Singapore, South Korea, and the USA warning about ICOs.

You’d have to be blind to argue this is not a critical mass.

Despite the fact that some ICO's were very successful, usually they are scam. If china decided to oficially ban ICO (what makes some doubts to me since almost everything illegal is easily created in china), it's good action. If people can't to don't trust shit ico's, goverment has to help them by banning it. Hope other countries will make similar decision or people don't invest in them until they fully realize all possible risk.
But still I think since some ICO was good, scammers haven't to make this thing banned.

China is well known for being very strict when it comes to things on the internet. The abuse we have seen when it comes to ICO's is truly disgusting and China probably wants to protect their citizens. Banning is always harsh but maybe this will send a message.

Read about this yesterday and it sort of explained why prices dropped so sharply.  Its really a terrible thing by the Chinese regulators, in my a view backward looking decision.  We can only hope that others do not try to follow or do worse.

Sound good. I am not surprise about this news. But we see after this news it's affected so much in crypto market..As we know Market will be return any time.

China takes this step and it will be  good for ICO investor. Now china will makes some rules and regulation for ICO investment for own country  as i think.

ICO is good thing every project development   but some time we see so many project after ICO and the gone or scam. after that so many people loss there money.

So China take this step now we think it will be good sign for ICO Investor and Bad for ICO Scammer.

Risks are different between the US and China if you invest $1,000 in an ICO for instance:

US: bad fine... maybe your credit score would suffer...
China: braking stones and taking "happy showers" with your inmates... during 5 years.

Wasn't Bancor banned to US residents? Yet it managed to raise tons of millions of dollars.

I believe there's no amount of bans that are going to stop ICO's from happening. There's always going to be workarounds. Whoever wants to invest is going to invest. You are probably getting rid of the bulk that are dumb enough to not be able to even know how to get an VPN and get things done and scare people with the ban thing, but ICOs are never going to disappear, even if they need to be hosted in the Cayman Islands or some shit.

I guess it's time to invest in VPN providers, that business may keep going up.

Thanks for the translation.
Tried google translate but cant understand it properly....
This step taken by China may indeed be considered correct...
They are trying to protect their citizens against fraudulent coin, which we can't deny to be true.
I just hope that soon that the Chinese government would realize that there are legit ICO's out there...

Do not allow any random anonymous prick to run an ICO -> problems *solved*.

Shitcoins and tokens are dropping because they have no use case or any actual value to begin with. It's all a speculative bubble. Bitcoin is unfortunately suffering as you usually can't trade back into fiat without using an intermediary such as Bitcoin. Bitcoin, as of today, is the only coin that is legitimate. Technically, Ethereum should also be illegal in China ATM as it was also an ICO. Technically.

Is this the reason why the prices of almost all coins dropped?

This is the bitcoin price factor and almost all cryptocurrency drop, but I'm sure this will not last long because investors from outside China are also many.

Now all price is going down because this bad news . They ban ICO because they can't control ICO fund crowding activities . Some of ICO project can get so many money just only some leader with a website page , they even don't have whitepaper for the project . Government will not let this happen because this may make national economy come with risk . If they will come out law to control the ICO , maybe is good for the future development .