Cryptocurrencies drop as South Korea bans ICOs

Major setback: A technician inspects bitcoin mining machines at a mining facility operated by Bitmain Technologies Ltd in Mongolia. South Korea’s move is the second major blow to cryptocurrencies this month, after China similarly banned ICOs and later all cryptocurrency trading. — Bloomberg.

SEOUL: Ethereum and bitcoin dropped after South Korea banned domestic initial coin offerings and margin trading in cryptocurrencies.

The Financial Services Commission said all forms of ICOs are prohibited in the country, including projects that share profits, rights, dividends, and other “coinstyle” offerings, according to a statement.