An influx of novice Chinese investors seeking to profit from initial coin offerings (ICOs) is being targeted by a growing number of ICO scams. In response, Chinese exchanges BTC38 and Yunbi have clarified their trading practices and put a halt to listing newly issued ICO assets. The two exchanges, which are both based in China, announced on Monday that they would no longer list new tokens or coins created through ICOs until the end of September.
An influx of novice Chinese investors seeking to profit from initial coin offerings (ICOs) is being targeted by a growing number of ICO scams. In response, Chinese exchanges BTC38 and Yunbi have clarified their trading practices and put a halt to listing newly issued ICO assets. Meanwhile, a report from mainstream news source Chinatimes has described ICOs as a means of "raising funds without viable products and institutional backing", suggesting the government's tolerance of ICOs is waning.