Share this article
China's Internet Finance Association Issues ICO Warning
An organization representing the interests of online finance firms in China has issued a warning on initial coin offerings.
Updated Sep 13, 2021, 6:53 a.m. Published Sep 1, 2017, 1:30 p.m.
Make us preferred on Google
A self-regulatory organization focused on online finance in China has issued a warning to its members on initial coin offerings (ICOs).
In a statement yesterday, the National Internet Finance Association of China warned that ICOs may be using misleading information as part of fundraising campaigns, urging investors to proceed with extreme caution. The group, which works with government agencies on regulatory matters, further stated its intention to toughen security measures.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The remarks further advised member companies to remain cautious when dealing with the nascent fundraising mechanism, stating:
"China Internet Finance Association members should take the initiative to strengthen self-discipline, to resist illegal financial behavior."
The announcement by the group, established by the People’s Bank of China in 2016, may not be surprising given that ICOs have been subject to strict scrutiny by the regulator.
Already, the central bank is said to be drafting regulations which may seek to suspend all ICO activity. A draft of regulatory measures for ICOs was published last week that suggested they could be classified as illegal.
It seems some domestic ICO efforts are taking note. ICO website ICOINFO went so far as to announce a temporary suspension yesterday due to the uncertainty over regulations.
The group features more than 400 financial organizations, with notable members including online lender CreditEase and financial marketplace provider Lufax.
Chinese flags via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
More than half of bitcoin’s invested supply has a cost basis above $88,000
Most invested bitcoin supply sits above current prices, increasing price vulnerability if key support levels fail.
What to know:
- Around 63% of invested bitcoin wealth has a cost basis above $88,000.
- An onchain measure shows heavy concentration of supply between $85,000 and $90,000, combined with thin support below $80,000.
Top Stories
