(Yicai Global) Aug. 31 -- Chinese blockchain platform ICOINFO suspended its Initial Coin Offering business, and will resume activity after regulators have introduced relevant policies.

The platform temporarily halted its new ICO projects. Users who already participated in offerings will be able to obtain tokens and withdrawal them from 10 a.m. on September 5, but the platform will not support deposits during the suspension, ICOINFO said yesterday.

The ICO concept was first introduced in 2013. ICOs are the main financing channel on the virtual money market. Companies can issue cryptocurrencies directly to investors as a source of crowdfunding.

ICOINFO's websites, which does not disclose the name of its operator, shows it was founded last month. It is China's second largest ICO platform in terms of financing scale, a report released by the National Committee of Experts on the Internet Financial Security Technology shows.

China's ICO market grew rapidly this year, with total financing reaching USD396.84 million (CNY2.62 billion) in the first half, the report said. The market lacks regulatory oversight. Chinese regulators will take actions towards ICOs and may ban them, Caixin reported on Monday.