China Bans ICOs, Leading to Crypto Exchange Closures & Market Shifts

The Chinese government has enacted a strict ban on Initial Coin Offerings (ICOs), requiring all domestic cryptocurrency exchanges to cease operations. This move sent shockwaves through the crypto market, with Bitcoin price plummeting in response. On September 4, 2017, seven agencies issued a joint notice, citing unauthorized fundraising activities and financial crimes as grounds for the nationwide ban. This action has led to notable shifts in global markets as investors react to China’s regulatory actions.