BREAKING 🚨🚨🚨
PBOC Shanghai Head office just made a new regulatory update as
“Strengthen regulation and control, clamp down cryptocurrency trading”
PBOC Shanghai Head office just made a new regulatory update as
“Strengthen regulation and control, clamp down cryptocurrency trading”
shanghai.pbc.gov.cn/fzhshanghai/11…
To highlight a few key points in the announcement
1/ ICO, IFO, IEO, STO are all unauthorized illegal public offering and securities issuance, and potentially illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes
To highlight a few key points in the announcement
1/ ICO, IFO, IEO, STO are all unauthorized illegal public offering and securities issuance, and potentially illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes
2/ Shanghai law enforcement agency will conduct “Special rectification of cryptocurrency-related trading platform, which can be registered overseas, shall be immediately rectified and retired”
3/ they will further regulate Trading platform whose servers are outside mainland but providing virtual currency trading services to domestic residents, and will continue to strengthen the clean-up the fiat payment and settlement channels and gateways
4/ Investors should be careful not to mix blockchain technology with cryptocurrency, and there are multiple risks in cryptocurrency financing, issuance and trading (again, Blockchain not crypto)
Finally, Chinese crypto community is expecting such official announcement since earlier this week, as there enough signal early on that an public gov announcement like this will be posted
Also another known pattern is big gov announcement is usually made on Friday just FYI :)
Also another known pattern is big gov announcement is usually made on Friday just FYI :)
