China deems the collection of ICOs to be classified as constituting illegal fundraising

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Earlier this month, China shocked investors everywhere by banning both corporate and personal fund raising using ICOs (initial coin offerings), such as bitcoin stating that such practices constitute illegal fundraising due to the current lack of regulations and increasing reports of misuse.

A statement from the People’s Bank of China informed any individuals or companies that had carried out any fundraising using ICOs to make arrangements to return the funds, said the securities and banking regulator.