A self-regulatory group in China is warning about initial coin offerings (ICOs). The National Internet Finance Association of China said ICOs are hyping deals and investors ought to be very careful. The group works with the government.
The group was created by the Chinese central bank in 2016. ICOs have already received regulatory scrutiny and now the central bank is said to be writing regs that may suspend ICOs altogether.
The group is composed of 400-plus organizations.