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Binance Exchange Concerns Over China ICOs Ban

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”.

China’s regulation

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.

Related Coverage: Chinese Government is more likely to develop its own digital currency.

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”.

Binance Exchange Concerns Over China ICOs Ban

The complete statement from Binance:

Binance Exchange Concerns Over China ICOs Ban

 Currently, the site in scheduled undergoing system update as of press time.

Binance Exchange Concerns Over China ICOs Ban

 

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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