Tencent Denies Involvement in Illegal ICOs and Crypto Trades
Dou Shicong
/SOURCE : Yicai
Tencent Denies Involvement in Illegal ICOs and Crypto Trades

(Yicai Global) Jan. 15 -- Chinese internet giant Tencent Holdings Ltd. claims it has not taken part in any initial coin offerings or cryptocurrency transactions, and its blockchain business has only included research into the underlying technology.

The Shenzhen-based firm has been working on the creation of open blockchain platforms to help corporate clients, but has not carried out nor cooperated in any ICOs or crypto trades, it said in a statement on Jan. 13.

The remarks come as a response to several organizations and individuals conducting such activities and claiming to be partnered with Tencent, which is China's largest tech company by market cap.

The National Internet Finance Association called for a crackdown on disguised initial coin offerings on Jan. 11, the same day another Chinese internet firm, Xunlei Ltd., was publicly criticized for its blockchain product OneCoin. Its share price closed down over 27 percent at USD16.63 that day.

China's central bank, the People's Bank of China, joined with other regulators to ban ICOs in September, accusing digital currency issuers of illegal fundraising. The government shut down all of the country's bitcoin exchanges the next month.

Follow Yicai Global on
Keywords: TENCENT , ICO , Xunlei , OneCoin , Cryptocurrency