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Author Topic: ICO is officially banned in China !!!  (Read 8154 times)
thejaytiesto
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September 05, 2017, 02:56:19 PM
 #141

This is really a bad news. They ban every ICOs or they ban some of the ICOs? What will happen if all the countries follow the same thing?

Essentially, all ICOs are banned. At least, they cannot be administered in China, and ICO tokens cannot be offered to Chinese residents.

Now, in practice that's not much different than the USA. To the SEC, most of these ICO tokens are unregistered securities, and it's definitely illegal to issue them to US residents. What happens? The people running ICOs change the terms, saying that US residents aren't allowed, and maybe at most there is an IP restriction placed. Then US residents just get a VPN and invest anyway. Same here.

Most countries regulate securities. I think most will also be a bit more subtle and just stiffly regulate ICOs, not outright ban them.

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.

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September 05, 2017, 03:33:58 PM
 #142

This is really a bad news. They ban every ICOs or they ban some of the ICOs? What will happen if all the countries follow the same thing?

Essentially, all ICOs are banned. At least, they cannot be administered in China, and ICO tokens cannot be offered to Chinese residents.

Now, in practice that's not much different than the USA. To the SEC, most of these ICO tokens are unregistered securities, and it's definitely illegal to issue them to US residents. What happens? The people running ICOs change the terms, saying that US residents aren't allowed, and maybe at most there is an IP restriction placed. Then US residents just get a VPN and invest anyway. Same here.

Most countries regulate securities. I think most will also be a bit more subtle and just stiffly regulate ICOs, not outright ban them.

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.

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.


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September 05, 2017, 06:03:36 PM
 #143

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.

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September 05, 2017, 06:07:09 PM
 #144

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.
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September 05, 2017, 06:08:41 PM
 #145

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.
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September 05, 2017, 06:09:05 PM
 #146

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.

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September 05, 2017, 06:40:03 PM
 #147

It's almost reminiscent of the PBOC banning Bitcoin. So I guess they'll have to ban ICOs another dozen or so times, too. Cheesy

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.

only china goverment banned about ico can't killer ico project, about USA with SEC is very long time not support ico project
i think ico project still can run, without china people
but crypto curency is anonymous, so all china people still can invest in ico project

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.
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September 05, 2017, 06:45:11 PM
 #148

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?

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September 05, 2017, 06:54:23 PM
 #149

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?

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.

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September 05, 2017, 06:54:59 PM
 #150

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.

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September 05, 2017, 07:07:10 PM
 #151

Breaking news!

ICO is officially banned in China!

Here is the joint announcement from The People 's Bank of China, Central Network Office, Ministry of Industry and Information Technology, State Administration for Industry and Commerce, China Banking Regulatory Commission, SFC, CIRC: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3374222/index.html

-----------------------------

近期,国内通过发行代币形式包括首次代币发行(ICO)进行融资的活动大量涌现,投机炒作盛行,涉嫌从事非法金融活动,严重扰乱了经济金融秩序。为贯彻落实全国金融工作会议精神,保护投资者合法权益,防范化解金融风险,依据《中华人民共和国人民银行法》、《中华人民共和国商业银行法》、《中华人民共和国证券法》、《中华人民共和国网络安全法》、《中华人民共和国电信条例》、《非法金融机构和非法金融业务活动取缔办法》等法律法规,现将有关事项公告如下:

一、准确认识代币发行融资活动的本质属性
代币发行融资是指融资主体通过代币的违规发售、流通,向投资者筹集比特币、以太币等所谓“虚拟货币”,本质上是一种未经批准非法公开融资的行为,涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。有关部门将密切监测有关动态,加强与司法部门和地方政府的工作协同,按照现行工作机制,严格执法,坚决治理市场乱象。发现涉嫌犯罪问题,将移送司法机关。
代币发行融资中使用的代币或“虚拟货币”不由货币当局发行,不具有法偿性与强制性等货币属性,不具有与货币等同的法律地位,不能也不应作为货币在市场上流通使用。

二、任何组织和个人不得非法从事代币发行融资活动
本公告发布之日起,各类代币发行融资活动应当立即停止。已完成代币发行融资的组织和个人应当做出清退等安排,合理保护投资者权益,妥善处置风险。有关部门将依法严肃查处拒不停止的代币发行融资活动以及已完成的代币发行融资项目中的违法违规行为。

三、加强代币融资交易平台的管理
本公告发布之日起,任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务,不得买卖或作为中央对手方买卖代币或“虚拟货币”,不得为代币或“虚拟货币”提供定价、信息中介等服务。
对于存在违法违规问题的代币融资交易平台,金融管理部门将提请电信主管部门依法关闭其网站平台及移动APP,提请网信部门对移动APP在应用商店做下架处置,并提请工商管理部门依法吊销其营业执照。

四、各金融机构和非银行支付机构不得开展与代币发行融资交易相关的业务
各金融机构和非银行支付机构不得直接或间接为代币发行融资和“虚拟货币”提供账户开立、登记、交易、清算、结算等产品或服务,不得承保与代币和“虚拟货币”相关的保险业务或将代币和“虚拟货币”纳入保险责任范围。金融机构和非银行支付机构发现代币发行融资交易违法违规线索的,应当及时向有关部门报告。

五、社会公众应当高度警惕代币发行融资与交易的风险隐患
代币发行融资与交易存在多重风险,包括虚假资产风险、经营失败风险、投资炒作风险等,投资者须自行承担投资风险,希望广大投资者谨防上当受骗。
对各类使用“币”的名称开展的非法金融活动,社会公众应当强化风险防范意识和识别能力,及时举报相关违法违规线索。

六、充分发挥行业组织的自律作用
各类金融行业组织应当做好政策解读,督促会员单位自觉抵制与代币发行融资交易及“虚拟货币”相关的非法金融活动,远离市场乱象,加强投资者教育,共同维护正常的金融秩序。
This is really sad, I don't what is now going to happen in the future of icos and crypto currency in general, because China has always played a major part in it . And also good job with translating the chinese language to English for normal people to understand it. All we can do right now is wait and watch. All the best for the people living in China.

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September 05, 2017, 07:30:24 PM
 #152

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?


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September 05, 2017, 07:55:05 PM
 #153

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

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September 05, 2017, 08:08:14 PM
 #154

Breaking news!

ICO is officially banned in China!

Here is the joint announcement from The People 's Bank of China, Central Network Office, Ministry of Industry and Information Technology, State Administration for Industry and Commerce, China Banking Regulatory Commission, SFC, CIRC: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3374222/index.html

-----------------------------

近期,国内通过发行代币形式包括首次代币发行(ICO)进行融资的活动大量涌现,投机炒作盛行,涉嫌从事非法金融活动,严重扰乱了经济金融秩序。为贯彻落实全国金融工作会议精神,保护投资者合法权益,防范化解金融风险,依据《中华人民共和国人民银行法》、《中华人民共和国商业银行法》、《中华人民共和国证券法》、《中华人民共和国网络安全法》、《中华人民共和国电信条例》、《非法金融机构和非法金融业务活动取缔办法》等法律法规,现将有关事项公告如下:

一、准确认识代币发行融资活动的本质属性
代币发行融资是指融资主体通过代币的违规发售、流通,向投资者筹集比特币、以太币等所谓“虚拟货币”,本质上是一种未经批准非法公开融资的行为,涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。有关部门将密切监测有关动态,加强与司法部门和地方政府的工作协同,按照现行工作机制,严格执法,坚决治理市场乱象。发现涉嫌犯罪问题,将移送司法机关。
代币发行融资中使用的代币或“虚拟货币”不由货币当局发行,不具有法偿性与强制性等货币属性,不具有与货币等同的法律地位,不能也不应作为货币在市场上流通使用。

二、任何组织和个人不得非法从事代币发行融资活动
本公告发布之日起,各类代币发行融资活动应当立即停止。已完成代币发行融资的组织和个人应当做出清退等安排,合理保护投资者权益,妥善处置风险。有关部门将依法严肃查处拒不停止的代币发行融资活动以及已完成的代币发行融资项目中的违法违规行为。

三、加强代币融资交易平台的管理
本公告发布之日起,任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务,不得买卖或作为中央对手方买卖代币或“虚拟货币”,不得为代币或“虚拟货币”提供定价、信息中介等服务。
对于存在违法违规问题的代币融资交易平台,金融管理部门将提请电信主管部门依法关闭其网站平台及移动APP,提请网信部门对移动APP在应用商店做下架处置,并提请工商管理部门依法吊销其营业执照。

四、各金融机构和非银行支付机构不得开展与代币发行融资交易相关的业务
各金融机构和非银行支付机构不得直接或间接为代币发行融资和“虚拟货币”提供账户开立、登记、交易、清算、结算等产品或服务,不得承保与代币和“虚拟货币”相关的保险业务或将代币和“虚拟货币”纳入保险责任范围。金融机构和非银行支付机构发现代币发行融资交易违法违规线索的,应当及时向有关部门报告。

五、社会公众应当高度警惕代币发行融资与交易的风险隐患
代币发行融资与交易存在多重风险,包括虚假资产风险、经营失败风险、投资炒作风险等,投资者须自行承担投资风险,希望广大投资者谨防上当受骗。
对各类使用“币”的名称开展的非法金融活动,社会公众应当强化风险防范意识和识别能力,及时举报相关违法违规线索。

六、充分发挥行业组织的自律作用
各类金融行业组织应当做好政策解读,督促会员单位自觉抵制与代币发行融资交易及“虚拟货币”相关的非法金融活动,远离市场乱象,加强投资者教育,共同维护正常的金融秩序。

Probably overall in the long run a good ting to have happen. I am sure it will tank the ETHprice in the short term or something.


There are a lot of ICOs that don't have any product or team that seem to appear out of no where, and they just have a working website and don't come out with a product. They make millions of USDworth of BTC or ETH and don't put out a product.

Protections are needed for sure.

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September 05, 2017, 08:16:26 PM
 #155

Probably overall in the long run a good ting to have happen. I am sure it will tank the ETHprice in the short term or something.

There are a lot of ICOs that don't have any product or team that seem to appear out of no where, and they just have a working website and don't come out with a product. They make millions of USDworth of BTC or ETH and don't put out a product.

Protections are needed for sure.

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.

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September 05, 2017, 08:42:26 PM
 #156

So that is the main reason why the price of Ethereum falls a little bit though. But if this is really true then China is just making a great move in protecting their citizens to fall for some ponzi ICO's. As long as Cryptocurrencies is not ban in China then we are all good.


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September 05, 2017, 08:43:50 PM
 #157

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.

I think they are wrong in taking action against the people who make ICO and who have joined the ICO in the vicinity, because the benefits what can be done cameraman China forbid people to use the internet and make ICO, maybe I think of this ICO project that can be used as money fields and reduced unemployment there. with them following a prize campaign from the project itself.
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September 05, 2017, 09:04:17 PM
 #158

So that is the main reason why the price of Ethereum falls a little bit though. But if this is really true then China is just making a great move in protecting their citizens to fall for some ponzi ICO's. As long as Cryptocurrencies is not ban in China then we are all good.
Not only Ethereum but it affected the whole crypto market especially bitcoin and others just followed it. There's a domino effect when such actions and news are being created and broadcast like this. But the transactio never stops, the market will recover and the ban will be uplift when they've got set of rules about ICO already.

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September 05, 2017, 09:13:54 PM
 #159

Chinese companies can still hire puppets in EU countries and sell ICO in those EU countries.

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September 05, 2017, 09:19:42 PM
 #160

Chinese companies can still hire puppets in EU countries and sell ICO in those EU countries.

ICO organizers can structure their companies outside of Chinese jurisdiction. But that doesn't solve the bigger issue: no matter where they are legally organized, they cannot offer their ICO tokens to Chinese residents. That's a huge investment pool (which is already heavily involved with cryptocurrencies) that is being removed.

At the same time, I think Chinese residents will do just as US residents do. They'll buy a VPN service and participate in ICOs that way.

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

I think we all saw this coming, or at least we should have. The ICO craze was out of control. I think this is healthy for the space and will help to root out some bad actors and scams.

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