China Citizens Now May Complain On Illegal ICOs
August 28, 2018
The China’s self-regulated association has developed a way to help the state in detecting and banning illegal ICOs via receiving complaints lodged by the citizens.
The China National Internet Finance Association (NIFA) founded by the People's Bank of China (PBoC) has added a category “token sales” to its online-portal which would allow the country’s citizens report on any illegal financial activity.
At the NIFA’s
“This platform is responsible for gathering reports and complaints regarding internet financial activities and transferring to relevant government agencies, which will take on further actions according to existing regulations upon receiving the reports”, as NIFA states at its website.
From now on the platform supports lodging complaints against illegal token selling. The website mentions various kinds of illegal ICO-related activities that now include also fiat-to-crypto and crypto-to-crypto trading, direct and indirect services on registering, trading, clearing, accounting for token sales as well as insurance services for crypto activities.