China has declared the hottest part of the cryptocurrecy market “illegal”

The sale of cryptographic tokens, a market that has boomed this year, has been deemed an “illegal fundraising practice” by China’s central bank. In a notice published today (in Chinese), the regulator ordered all such offerings to be halted, for exchanges to stop trading in the tokens, and for funds already raised to be returned to investors.

The Chinese regulator’s stance is the toughest yet (paywall) on a funding mechanism that has raised $1.5 billion for issuers so far this year,...

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