Popo Chen is the CEO of Cobinhood, a digital currency trading platform that offers zero-fee trading and is currently in the midst of an ICO. Chen is an advocate of increased government regulation and official oversight as a way to help grow and stabilize the cryptocurrency marketplace.
South Korea’s Financial Services Commission said Friday that it plans to ban initial coin offerings (ICOs), citing the need to control virtual currencies.
Domestic violators of the ban will be subject to undetermined “stern penalties.” Reports did not indicate if the ban is immediate or will require established companies funded by ICOs to be unwound over time.
China’s CCTV news has reported that 17 exchanges in Shanghai are halting trading in cryptocurrency. The move continues the crackdown by Chinese regulators on exchanges and initial coin offerings (ICO) that began earlier this month.
Complicating the process is word that some overseas clients are refusing refunds,
Mixed messages continued today about China’s intentions regarding its cryptocurrency exchanges and initial coin offerings.
Late last week, the two largest Chinese cryptocurrency exchanges, Huobi and OKCoin, announced that they would close the yuan trading part of their business as of Oct. 30.
With less than a month to go on its self-imposed deadline for new regulations, Japan has yet to approve any new applications for domestic cryptocurrency exchanges, and is still working on rules that will govern them.
Japan will institute regulations on exchanges next month,
Day two of the Great China Crypto Hostage Situation. Cryptocurrency investors continued dancing along the edge of the knife today, as all eyes were turned toward China and awaiting its decision on the future of its digital currency exchanges.
Multiple reports have indicated a consortium of financial agencies,
Reports are multiplying that China is about to shut down its domestic cryptocurrency exchanges. The move follows a decision by regulators last week to ban initial coin offerings (ICO).
On Monday, Bloomberg News and the Wall Street Journal followed an initial report by China’s Caixin news service that regulators have ordered a halt to all digital currency trading platforms in the country.
Hong Kong cryptocurrency exchange Bitfinex is adding NEO to its roster of digital tokens available for trading. NEO is now available for trading against US dollars, legacy bitcoin, and ether.
Bitfinex’s announcement indicated margin trading will be “enabled gradually at a later point in time”
Chinese companies that raised funds through initial coin offerings (ICO) are reeling in the wake of a ban on ICOs by a consortium of government agencies.
Reports indicate the Chinese government is looking at 60 major platforms that deal in ICO fundraising, and are heavily investigating all companies that have planned or executed an ICO.