People’s Bank of China bans all ICO fundraising in China. ICO is an alternative to crowdfunding that lets a firm raise funding from multiple sources. The regulator claims ICOs are being misused forand from now, the Chinese government will closely monitor ICOs for signs of illegal activity. The ban has also been applied to those individuals and organizations who have previously completed ICO fundraising, requiring them to return all investor funds as soon as possible. The prices of Bitcoin and Ethereum two of the largest cryptocurrencies in the market slumped after the announcement.
Source: https://thehackernews.com/2017/09/china-ico-fundraising.html