On September 4, 2017, the Chinese government, led by the People’s Bank of China and six other agencies, issued a comprehensive ban on initial coin offerings (ICOs) and required all domestic cryptocurrency exchanges to stop operations.
This directive was a response to what the government considered “unauthorized and illegal public financing activity.” The government’s notice classified ICOs as financial crimes, including illegal fundraising and financial fraud.
The immediate impact was a significant drop in the prices of Bitcoin and Ethereum. Investors were ordered to be refunded, causing immediate market instability and making institutions hesitant. The crackdown forced many cryptocurrency operations to move offshore.
September 2025, Cryptoniteuae
