(Bloomberg) -- China's crackdown on initial coin offerings could ripple out to affect tens of thousands of cryptocurrency investors.
The central bank ordered all fundraising efforts related to ICOs halted immediately, a decision that may have an impact on investors who had participated in at least 65 of the projects by mid-July.
There are 43 ICO platforms in China, with almost 60 percent located in Guangdong, Shanghai and Beijing, the National Committee of Experts on the Internet Financial Security Technology said in a July report. The venues had raised 2.6 billion yuan ($399 million) from 105,000 investors as of July 18.
ICOAGE, ICOINFO and ICO365 are the three largest platforms by financing, and held a combined 64 percent share. ICOINFO said it voluntarily suspended all ICOs to prevent risks last week. The company will conduct its business in compliance with the rules once regulators have issued them, according to a statement on its website.
To contact Bloomberg News staff for this story: Jun Luo in Shanghai at jluo6@bloomberg.net.
To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Emma O'Brien
With assistance from Jun Luo
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