ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Saturday Dec 16th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Over 90% Of Chinese ICOs Have Fully Reimbursed Their Investors

By

Adam

Reese

WriterETHNews.com

More than 90 percent of Chinese token offerings have refunded their investors’ money in full, and some Chinese exchanges have also issued restitutions as they prepare to suspend cryptocurrency trading.

The Xinhua News Agency reported today that over 90 percent of token offerings (ICOs) based in China have fully compensated everyone who purchased their tokens, indicating that the process of shutting down all Chinese-hosted cryptocurrency exchanges and ICOs is well underway. Additionally, several exchanges have begun compensating holders of their native tokens, which users of a given exchange could purchase with fiat currency and then trade for cryptocurrency. Xinhua attributed the information to a government office that’s name translates to “the Shanghai Internet Financial Risk Special Rectification Work Leading Group.”

Of the 17 exchanges that had been operating in China, four have already ceased operations, while the rest have announced the dates that they intend to halt trading on their platforms. 

On September 4, the People’s Bank of China (PBoC) and several other government agencies jointly announced an ICO ban, effective immediately from the date of issuance. As reported by ETHNews, the Hong Kong Securities and Futures Commission (SFC) released a statement the following day that advised, “Where the digital tokens involved in an ICO fall under the definition of ‘securities,’ dealing in or advising on the digital tokens, or managing or marketing a fund investing in such digital tokens, may constitute a ‘regulated activity.’” The announcement went on to explain that those wishing to engage in such activity would have to first obtain the requisite license from the SFC.  

On September 15, government officials informed two prominent Chinese exchanges, Huobi and OKCoin, that they would have to stop trading by October 31, 2017.

Furthermore, from February 2017 until the beginning of June, Chinese exchanges complied with a PBoC directive to implement a freeze on all cryptocurrency withdrawals.  

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest China, shutdown or other Ethereum world news.