(Yicai Global) Sept. 4 -- China's first bitcoin trading platform, BTCChina, decided to suspend ICOCOIN trading and deposit services on Saturday and to halt ICOCOIN withdrawals from 6.00 p.m. yesterday, a statement on the exchange's website said.

ICOCOIN is a token that digital asset and blockchain trading platform Icocoin.org issued via an initial coin offering (ICO).

BTCChina's service adjustment will only affect ICOCOIN transactions, and the exchange will process other cryptocurrency trades and deposits as usual.

The total value of ICOCOINs in circulation dropped USD24.4 million in 24 hours after a 36-percent decline in price on Saturday.

In Reminder of Risks Associated With Investment Absorption Conducted Under the Guise of ICO, China's National Internet Finance Association warned investors about illegal fundraising operations as well as illicit and fraudulent financial activities that groups carry out using an ICO as a cloak.