China’s central bank: Bitcoin offerings are illegal

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Bitcoin has tumbled by the largest amount since July after China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales.

The People’s Bank of China said on its website last week that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalising legal violations in ones already completed. The regulator said that those who have already
raised money must provide refunds, though it didn’t specify how the money would be paid back to investors.

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