Dubbed 'the 94 ban' in Chinese-speaking crypto circles, the joint announcement triggered a 40% BTC price drop within days. It forced major Chinese exchanges (Huobi, OKCoin, BTCC) to cease domestic trading. This was the first comprehensive national-level crypto prohibition by a major economy. China would repeat and intensify restrictions in subsequent years, culminating in the 2021 mining exodus.
regulation·September 4, 2017·China-specific
China's 94 Ban on ICOs
The PBOC and six other agencies jointly declare ICOs illegal, ordering immediate refunds to Chinese investors.