• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: The Sandbox Seals Deal With Saudi Arabian Digital Government Authority
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: The Sandbox Seals Deal With Saudi Arabian Digital Government Authority
Advertisement

‘You Will Be Kicked Out’ – China Officially Bans Security Token Offerings (STO)

Georgi Georgiev by Georgi Georgiev
4 years ago
in News, Bitcoin Businesses, Blockchain, Companies, News teaser
0
Advertisement

The People’s Bank of China (PBoC), the country’s central bank, has officially banned security token offerings (STO) in a continuation of its restrictive legislation governing digital currencies. 


China: STO is ‘Illegal Financial Activity’

In continuation of its crackdown on digital currencies, China’s central bank has officially halted security token offerings, South China Morning Post reports.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Speaking at an internet finance forum in Beijing, Pang Gongsheng, deputy governor at PBoC, said:

The STO business that has surfaced recently is still essentially an illegal financial activity in China. […] Virtual money has become an accomplice to all kinds of illegal and criminal activities.

In addition to this formal acknowledgment of the ban on both initial coin offerings and STOs, the deputy governor also outlined that the majority of the financing operations, which were conducted virtual money in China, are suspected of being pyramid sales schemes, illegal fundraising operations, and other types of financial fraud.

Furthermore, Gongsheng also said that the country’s financial industry, in general, could have been hurt significantly if ICOs weren’t banned back in 2017.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

China to Blame?

Beijing Will ‘Kick You Out’

The chief of Beijing’s Bureau of Financial Work, Huo Xuewen, has also reportedly issued a warning against STO promotion, saying:

I want to warn those who are promoting STO fundraising in Beijing. Don’t do it in Beijing. You will be kicked out if you do it.

Despite the country’s severed regulatory stance against digital currencies, Bitcoinist reported that local ICOs use foreign-registered companies to circumvent the prohibitions, while traders use Tether and VPNs to continue trading digital currencies, mainly through over-the-counter (OTC) platforms.

Additionally, in what seems like a significant move forward for DLT, the Internet Court of Hangzhou has recognized evidence based on blockchain technology as suitable for use in legal proceedings.

What do you think of China’s move to ban security token offerings? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Georgi Georgiev

Georgi Georgiev

Related Posts

cbdc

Bank Of England, UK Treasury Support ‘Digital Pound’ Project, Say UK Likely To Need CBDC

3 days ago
Polkadot DOT DOTUSDT

Automotive Giant Toyota Explores Polkadot Project To Increase Business Efficiency

6 days ago
Blockchain

Blockchain For Traceability: Thailand’s Biggest Food Exporter Uses Tech To Monitor Goods

2 weeks ago
Korean Financial Services Commission Chair Announces Security Tokens

Korean Financial Services Commission Chair Announces Security Tokens

3 weeks ago
DCG

Tron Founder Justin Sun Ready To Invest $1 Billion On DCG Assets

4 weeks ago
ETF

Samsung Unveils Bitcoin Futures ETF Amid Escalating Crypto Interest

4 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF...

    15 hours ago
  • SinVerse Studios Announces $1 Million Buyback Program for...

    15 hours ago
  • Join the Revolution: Invest in STARSTAKING for 25% APY and...

    15 hours ago
  • The Crypto Bull Market Trend Has Started! What Does This...

    16 hours ago
  • Orbeon Protocol (ORBN) Grows 1625% During the Presale...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.