Chinese cryptocurrency exchange Binance recently released a statement regarding the  Chinese government’s prohibition of ICOs in the country.

Binance said they are working round to clock to find solutions and address the problem.

“Regarding the recent announcement from China's PBoC banning all ICOs, we are working around the clock on a solution that will fully satisfy the new regulations in China, while preserving and enhancing features that are valuable to our western community”.

China’s regulation

Binance’s statement comes on the heels of the recent decision by the Chinese government to ban all Initial Coin Offerings in the country. The People’s Bank of China (PBoC) released the report finding Initial Coin Offerings illegal Monday.

According to their findings, the tokens or cryptocurrency used in ICOs are not issued by the monetary authorities thus don’t have legal or monetary properties and cannot be used and circulated as a currency in the market.

Chinese regulators are also forcing those who have already raised money to return the funds back to their investors.

Binance’s full statement on the ICO ban

Binance’s CEO, Changpeng Zhao, was quick to announce that only 18% of its customers are likely to be affected as customers from other countries are growing:

Here’s the complete statement from Binance:

Their site is currently in undergoing scheduled system update as of press time.