Chinese Finance Association Cautions on Overseas ICOs

In a public statement published on Jan 26, the National Online Finance Association (NIFA) writes that immediately after China issued a ban on ICOs last September and ordered the closure of cryptocurrency exchanges, it has seen investors moving their funds to overseas platforms.

NIFA states: “Recently, as worldwide governments are tightening regulations on cryptocurrencies, some overseas ICO and trading platforms may possibly also face the threat of being forcefully closed due to compliance situation. Therefore, domestic investors are advised to be cautious with the danger.”

Even though a self-regulatory organization and not a regulatory authority, NIFA was initial initiated in 2015 by the People’s Bank of China (PBoC) and approved by the State Council. The warning comes just weeks soon after the association sent out an additional warning on activities that provide the substance of ICOs, but marketed in unique types.

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