Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Vincent Yu / AP
The Chinese government has banned "initial coin offerings" (or ICOs), according to reports by local media. The government committee led by China's central bank also issued a list of 60 exchanges that will be investigated, though some have already halted their ICO trades.
Why it matters: ICOs have recently exploded in popularity as an alternative mechanism for cryptocurrency-related projects to raise money to fund their development. In China alone this year, there have been 65 ICOs that have raised a total of $397.1 million as of July, according to Chinese news agency Xinhua. However, there have been rising concerns over scams, and regulators are taking action. In July, the U.S. Securities and Exchange Commission issued a warning that some ICOs may be subject to securities laws.