South Korea takes cue from China, bans ICOs

Technology 29-9-2017 Mashable 53

Initial Coin Offerings or ICOs are no longer legal in South Korea. 

The country's regulator, the Financial Services Commission (FSC), issued the ban following a meeting Friday, reasoning that ICOs are pushing the market into a "non-productive speculative direction."

The regulator has also banned margin trading on cryptocurrencies. 

SEE ALSO: China bans ICOs for being full of fraud and pyramid schemes

The move comes weeks after China's financial regulator banned all ICOs in the country, delivering a blow to this booming method of fundraising. South Korea's regulator announced that a ban might be imminent in early September, warning that it would "strengthen levels of punishment" for "illegal fund-raising." Read more...

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