Recently, Chinese cryptocurrency Binance exchange releases a statement in regards of ICOs ban in the China country.
Binance said working more to find solutions and address the problem.
“Regarding the recent announcement from China’s PBoC banning all ICOs, we are working around the clock on a solution that will fully satisfy the new regulations in China, while preserving and enhancing features that are valuable to our western community”.
Accordingly, in a decision by Chinese government, Binance statement comes stating that ban on all Initial Coin Offerings globally. Therefore, the People’s Bank of China (PBoC) declares a report finding Initial Coin Offering illegal Monday.
According to the reports, the cryptocurrency or the tokens used in ICOs are not issues by the monetary authorities. Therefore, they don’t have monetary or legal properties. Hence, it cannot be use and circulate as a currency in the market.
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Therefore, Chinese regulators are claiming the raised money to return the funds back to their investors.
Binance’s full statement on the ICO ban
Changpeng Zheo, Binance CEO announce that,
“Only 18% of its customers are likely to be affected as customers from other countries are growing”.
The complete statement from Binance:
Currently, the site in scheduled undergoing system update as of press time.