Speaking at an internal meeting of the Internet Finance Rectification Working Group on Monday, Pan Gongsheng reiterated that ICOs, “disguised” ICOs and crypto asset trading are illegal in the country, and represent illicit forms of fundraising and securities issuance.
Although China issued an outright ban on ICOs in September 2017, Pan said a lot of the projects that moved overseas as a result are still making themselves available in the Chinese market, according to a report from local business media source Yicai.
The report did not offer details on how the body intends to curb access to foreign ICOs and crypto trading.
In January, Pan notably pushed for wider cryptocurrency trading ban in China according to an internal memo circulated at the time.
In March, however, the platform issued a statement saying that it would monitor threads and ban those who use the platform to solicit investors in ICO tokens.
According to reports, global crypto exchange trading volume jumped to over $79 trillion in 2025, driven largely by futures and perpetual contracts. That surge pushed derivatives to claim most of the market’s activity, while spot trading grew at a much slower pace.
Bitcoin price is consolidating beneath $94,500 in a bear flag structure, with sellers maintaining control and downside risk growing as price remains capped below key resistance.
WIF (WIF) price is entering a critical technical phase as price action reclaims the 200-day moving average, a level that often separates bearish control from bullish continuation.
Ethereum price is compressing into a tightening triangle structure, with converging support and resistance signaling a decisive breakout as volatility continues to contract.
Solana price is consolidating beneath major resistance with rising bullish volume, signaling strength and increasing the probability of an upside breakout toward higher targets.
