The People's Bank of China declares all Initial Coin Offering (ICO) fundraising activities illegal, ordering an immediate halt and demanding refunds for completed token sales. The ban triggered a massive market crash, with Bitcoin falling from $4,700 to under $3,500 within days. Dozens of ICO projects were forced to return funds to Chinese investors. The crackdown was part of a broader Chinese regulatory assault on cryptocurrency that would intensify over the following years, eventually culminating in a full mining ban in 2021.
BBC: China Bans Initial Coin Offerings