China’s Cryptocurrency Market After ICO Ban – Kiss the Rod or Die

From raising transaction fees to changing names: how Chinese companies affected by ICO ban react.

People’s Bank of China (PBOC) recently banned ICOs for “illegal fundraising”. The local Chinese news site Caixin has released a list of ICOs likely to be affected by the move.


In the same report, it was also detailed what makes ICOs different from Bitcoin and how PBOC will take further action after its initial ban.


Right after the report, several Chinese ICO entities have taken specific actions in order to avoid the hassle of adjustments due to the expected changes in legislation.


While PBOC and Chinese government are hinting that the ban may be temporary as the country aims to be at the forefront of Blockchain development, it looks like strict regulatory measures and policies are far from over.


Companies act


BTCC has already suspended all services concerning ICO tokens such as deposits and withdrawals.


To financially protect itself from the negative effects of market speculation, Huobi has raised their transaction fees to 0.2 percent.


ICO Token has also taken necessary measures of rebranding and has thus changed their name to Aike (爱科) coin.


Yunbi has removed all transactions of ICO tokens confirming such delisting to be permanent.


DEx.top, launched on Sept. 5, explicitly declared that they are not an ICO project.


Jubi has returned its ICO tokens to its respective owners and has stopped dealing with said tokens.


ICOAGE offered its users to withdraw from projects that they have invested with their ICO tokens, and has also decided to suspend further ICO services.


ICOAGE


Binance and Bizhongchou are reported to be returning Ethereum and Bitcoin to those users who have already invested in ICO projects.


Bter has already stopped trading services concerning ICO tokens, including Qtum and Bytom.


Chart


ICOINFO has also been returning Bitcoin, Ethereum, and other cryptocurrencies to the users who have invested on completed ICO projects.


The Bytom project has also offered refunds to all BTM Holders.


ETCWin has suspended deposits and withdrawals services


ETCWin


Da Honghuo, cryptocurrency exchange platform, has also released an official notice to halt the trading of ICO tokens.



Source: CoinTelegraph