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PBoC May Freeze Bank Accounts of ICO Platforms and Individuals If Illegal Leads Detected

4 September Beijing-PBoC released a notice on banning all ICOs in China along with other six commissions. On the statement, ICO is described as “an authorized illegal public financing conduct”. Following the regulatory order, more ICO-related platforms and projects announced refunding plan, including NEO, QTUM, BTM etc. But there is more specific regulation on the way. Following the “ICO Ban” order immediately, PBoC Beijing Branch released a guideline targeting bank accounts of ICO platforms and individuals.

“Suspicious accounts might be frozen. “

As reported by thepaper , Beijing Operation Management Department of PBoC issued an notice to banks and payment institutions under its custody on 4 September, implementing payment and settlement management of bank accounts connected to ICO platforms and individuals.

In accordance with the “No.99 Notice” requirements, all financial institutions and non-bank payment agencies shall not carry out any business related to token financing transactions.

The Notice also requires that:

“Financial institutions and non-bank payment agencies shall not provide service or product like account opening, registration, trading, clearing and settlement for token financing and “virtual currency”.

In addition, the banks and payment agencies shall not open new account for ICO platforms and monitor the existing accounts on a daily basis.

“Financial institutions and non-bank payment agencies should promptly report to authorities if they detect leads to illegal token financing. “

In simple words, commercial banks and third payment processors like Alipay could block bank accounts of ICO platform and individual’s account alike.

“Individual accounts related to the 6 ICO platforms must be identified. Large amount or frequent deposit and withdrawal will be restricted. Immediate restrictive measure should be taken on accounts that are in line with suspicious AML reporting standards and report to authority timely.”

The 6 ICO platforms mentioned in the notice are mostly unknown to cryptocurrency circles, which makes them more suspicious or more likely linked to MLM schemes. So far one of the six ICO platform listed in the notice is no longer accessible. Other platforms all display the “ICO Ban” order on their front pages. It might be considered a good-intention move for authorities to ban ICO before more financial loss happened to potential victims of pyramid schemes pretending to be  blockchain innovation.

“The rectification just begins. The data-reporting work for financial institutions and payment processor will not stop until the rectification ends.”

An undisclosed source said.

The daily report with information like closing balance in previous day and transaction detail must be submitted to Beijing Office before 9AM every day.


  • BitcoinAllBot
    1 year ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • williaminlondon
    1 year ago williaminlondon

    Thanks for posting this.

    /u/tippr gild

  • BitderbergGroup
    1 year ago BitderbergGroup

    The horror

  • Lloydie1
    1 year ago Lloydie1

    Yes, that’s a good idea. Force more people to turn to crypto where governments can’t freeze your assets

  • AuOrPb
    1 year ago AuOrPb

    Wil BCH get banned by PBoC because it is an ICO?

  • taipalag
    1 year ago taipalag

    It is a fork not an ICO

  • AuOrPb
    1 year ago AuOrPb

    Is that an altcoin?

  • mrcurrency
    1 year ago mrcurrency

    Are we talking about Segwitcoin or Bitcoin?

  • StopAndDecrypt
    1 year ago StopAndDecrypt

    It’s a pretty predictable game were all playing.

    Regulation and banning in crypto was inevitable.

    Workarounds are inevitable.

    Some country’s won’t give a shit and allow you to do all the drugs crypto you want, some others will chop your head off (if you get caught and are too poor to pay up).

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