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Finance

South Korea to ban ICO fundraising, following China

Financial authorities crack down ahead of fraud and speculation

SEOUL -- The South Korean financial watchdog will forbid initial coin offerings, it said Friday, prompted by signs that the fundraising method would be used to speculate on prices.

The Financial Services Commission said it aims to protect financial market stability and investor safety. China also recently banned ICOs, which are increasingly being seen as disruptive to financial order.

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