Chinese Investors Use Wechat Brokers to Bypass ICO Ban
Reports have alleged that many Chinese cryptocurrency investors are seeking middle-men agencies on Wechat to facilitate their transactions in order to bypass the nation’s prohibitive virtual currency regulations and access exposure to initial coin offerings (ICOs). Also Read: Ford to Use Cryptocurrency for Inter-Vehicle Communication System ICO Token Brokerages Allow Chinese Investors to Bypass Ban According to The South China Morning Post , China’s ICO ban has given rise to an industry of agencies providing brokerage services to Chinese investors seeking to invest in initial coin offerings. Said cryptocurrency middle-men are reported to be promoting their services via popular social messaging app Wechat, and are charging a significant premium for the service. One agency, An Hui Tian Ce Blockchain charges upward of ten percent on investments made in ICOs using its services. A representative of the agency indicated that clients make all payments in advance using Ethereum. Dra...