Initial coin offering

Short description: Cryptocurrency-based funding process

| This finance needs to be updated. The reason given is: Missing major developments after 2019. Please update this finance to reflect recent events or newly available information. (March 2026)

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An initial coin offering (ICO) or token sale is a form of capital raising in which a project issues and sells digital tokens using blockchain technology, typically in exchange for cryptocurrency or fiat currency.[1][2] The tokens may grant access to a product or service, represent participation rights within a network, or function as speculative digital assets traded on cryptocurrency markets.[3]

ICOs emerged in the mid-2010s as a method of financing technology ventures, particularly blockchain-based projects, without relying on traditional intermediaries such as venture capital firms or public equity markets.[4] Depending on their structure and characteristics, tokens offered in ICOs may be treated as securities or fall under other regulatory frameworks, and regulatory treatment varies widely across jurisdictions.[5][6] Some countries have imposed restrictions or bans on ICO activity, including China, which prohibited domestic token offerings in 2017.[7]

ICOs are typically conducted online and can raise funds globally without the involvement of traditional financial intermediaries.[8]

The rapid expansion of ICO markets between 2016 and 2018 was accompanied by significant investor losses, project failures, and enforcement actions related to fraud and unregistered securities offerings.[9][10] Regulators and international financial institutions have since emphasised investor protection, disclosure requirements, and the application of existing securities laws to many token offerings.[11]

## Contents

* 1 History
* 2 Criticisms
* 2.1 Fraud and regulatory concerns
* 2.2 Speculative market behaviour
* 3 Regulation
* 4 See also
* 5 References

## History

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|

Early token sales emerged alongside the development of blockchain-based fundraising mechanisms in the early 2010s. One of the first widely cited offerings was conducted by Mastercoin in 2013, followed by Ethereum's 2014 token sale, which raised approximately 31,000 bitcoin to fund development of its blockchain platform.[12]

Initial coin offerings expanded rapidly in 2016 and 2017 as blockchain-based projects used token sales to raise capital outside traditional venture capital and public equity markets.[13] Academic research and financial reporting documented large increases in capital raised during this period, with billions of dollars invested globally through token sales.[14]

The expansion of ICO activity was accompanied by growing regulatory scrutiny. In July 2017, the U.S. Securities and Exchange Commission issued its Report of Investigation on The DAO, concluding that certain digital tokens offered in ICOs could qualify as securities under existing federal law.[15] Regulators in multiple jurisdictions subsequently issued warnings or restrictions, and China prohibited domestic ICO activity in 2017.[16]

By late 2017 and early 2018, financial authorities and international organisations were issuing coordinated risk warnings regarding investor protection, market integrity, and the application of securities laws to token offerings.[17][18] Reporting in major financial media documented widespread project failures, fraud allegations, and enforcement actions during and after the peak fundraising period.[19]

Following the 2017 - 2018 boom, ICO fundraising volumes declined substantially amid regulatory enforcement and market contraction.[20] Policymakers and central banks increasingly emphasised the application of existing financial regulation and disclosure requirements to token-based fundraising.[21]

In response to regulatory developments, some market participants began developing alternative token-based financing models designed to operate within established securities frameworks, including security token offerings and other forms of regulated digital asset issuance.[22]

ICO activity declined after 2018 following increased regulatory scrutiny, though similar token sale mechanisms have continued to develop through structured platforms offered by cryptocurrency exchanges.[23]

## Criticisms

### Fraud and regulatory concerns

Financial regulators and law enforcement agencies have repeatedly warned that some initial coin offerings (ICOs) have been used to conduct fraud or mislead investors. Authorities in several jurisdictions have stated that the relative lack of disclosure requirements, limited investor protections, and the cross-border nature of token sales can make enforcement difficult and increase the risk of financial loss.[24]

The U.S. Securities and Exchange Commission (SEC) has brought enforcement actions against a number of ICO promoters and has warned that some offerings have involved false or misleading statements, undisclosed compensation arrangements, or unregistered securities sales.[25] Regulators in other regions, including the United Kingdom and the European Union, have similarly warned that many ICOs are highly speculative and that investors may lose the entirety of their investment.[26]

Some governments have taken restrictive measures. In 2017, China banned ICOs and ordered projects to return funds to investors, describing the practice as a form of illegal public financing.[27]

### Speculative market behaviour

The rapid expansion of ICO fundraising during the late 2010s has been widely described by financial commentators as part of a broader period of speculative growth in cryptocurrency markets. During 2017, ICOs raised billions of dollars globally, often for early-stage projects with limited operating history, contributing to sharply rising token valuations and increased retail investor participation.[28]

Following the decline in cryptocurrency prices beginning in 2018, ICO issuance and fundraising fell substantially, and reporting by financial media described a contraction in the market alongside reduced investor demand. Analysts and market observers characterized the cycle as reflecting speculative investment behaviour followed by market correction, a pattern commonly associated with financial bubbles.[29]

## Regulation

| Parts of this finance (those related to section) need to be updated. Please update this finance to reflect recent events or newly available information. (March 2026)

|

Following a speculative boom in cryptocurrency prices that peaked in December 2017, regulation of cryptocurrencies has been rapidly changing. The pace of change has been driven in part by incidents of cybertheft, trading halts, and possible market manipulation.[30]

Cryptocurrencies are based on distributed ledger technologies which enable anyone to purchase or transfer their cryptocurrency holdings to any other person without the need for an intermediary (such as an exchange) or to update a central record of ownership. Cryptocurrencies can be transferred easily across national and jurisdictional boundaries. This makes it difficult for central authorities to control and monitor the ownership and movement of holdings of cryptocurrencies.

Countries have different approaches to how they regulate cryptocurrencies. This can depend on the nature of the cryptocurrency itself.

There are two main types of cryptocurrencies from a regulatory perspective: utility tokens and asset-backed tokens. Utility tokens may have value because they enable the holder to exchange the token for a good or service in the future, such as Bitcoin. Asset-backed tokens may have value because there is an underlying asset which the holder of the token can attribute value to. In many countries it is uncertain whether utility tokens require regulation, while it is more likely that asset-backed tokens do require regulation.

This makes it complex for the issuers of cryptocurrencies to analyze which countries their tokens (or coins) can be sold into, and for the prospective purchasers of cryptocurrencies to understand which regulations, if any, should apply.

Jurisdiction  | Comments

|

Australia  | ASIC issued guidance in September 2017 stating that the legality of an ICO depends upon its detailed circumstances.[31] [32]
Canada
China  | On September 4, 2017, seven Chinese financial regulators officially banned all ICOs within the People's Republic of China, demanding that the proceeds from all past ICOs be refunded to investors or face being "severely punished according to the law".[33][34] This action by Chinese regulators resulted in large sell-offs for most cryptocurrencies.[34] Prior to the Chinese ban, ICOs had raised nearly $400 million from about 100,000 Chinese investors.[35] A week later, however, a Chinese financial official stated on Chinese national television that the ban on ICOs is only temporary until ICO regulatory policies are in place.
France  | As of October 2017, the Autorité des marchés financiers (AMF) was working on regulations governing the use of blockchain technology in capital raising transactions. In September 2018, a new legal regime introduced a visa, delivered by the AMF and obtained on a voluntary basis, which provides some financial guarantees.[36]
Hong Kong | The Securities and Futures Commission released a statement in September 2017 explaining that tokens may constitute securities for purposes of the Securities and Futures Ordinance, in which case dealing in such tokens would be a regulated activity under Hong Kong law.[37]
Isle of Man
Jersey  | In December 2017, Arc Fiduciary Ltd, based in Jersey, launched the "Arc Reserve Currency", an asset-backed cryptocurrency based on the Ethereum blockchain.,[38] working closely with the Jersey Financial Services Regulator to achieve a workable regulatory solution for the ICO[39] The Arc Reserve Currency does not have a continuing regulatory status, but it is a notable example of how cryptocurrency operators are increasingly working with regulators to improve the investment landscape for holders of cryptocurrencies.
New Zealand | In October 2017, the Financial Markets Authority (FMA) released guidelines on the current regulatory environment in regards to ICOs.[40]
Gibraltar | In October 2017, the government of Gibraltar established a framework for regulating distributed ledger technology (DLT) companies, which came into law on January 1, 2018. It encompasses ICOs and subjects them to financial controls and standards.[41]
South Korea  | The Korean Financial Services Commission prohibited ICOs in September 2017 and promised "stern penalties" for violations.[42][43]
Switzerland | Although Switzerland was previously viewed as a friendly jurisdiction to coin offerings, the Swiss Financial Market Supervisory Authority announced an investigation of an unspecified number of coin offerings in September 2017, and would examine whether these offerings were in compliance with Swiss regulations.[43][44]
Turkey | Although cryptocurrencies are legal in Turkey, cryptocurrency based business models are not, making initial coin offerings illegal as a result.
United Arab Emirates | The Abu Dhabi Global Market issued official guidance on ICOs in October 2017.[45]
United States | In July 2017 the U.S. Securities and Exchange Commission (SEC) indicated that it could have the authority to apply federal securities law to ICOs.[46] The SEC did not state that all blockchain tokens (ICOs) would necessarily be considered securities, but that determination would be made on a case-by-case basis. In April 2019, the SEC's "FinHub" office issued a guidance featuring over thirty factors that may be used to determine that a digital asset is a security.[47][48]

The SEC charged Maksim Zaslavskiy for fraud in September 2017 in connection with the ICOs for RECoin and DRC World.[49][50] In November 2018, Zaslavskiy pleaded guilty to charges that carry a term of up to five years imprisonment.[51]

The SEC ruled that celebrity ICO endorsements must disclose the amount of any compensation paid for the endorsement.[52]

In December 2017, the SEC issued an order stating that the utility-token ICO of Munchee Inc. was classified as a security.[53] In April 2018 the SEC charged two co-founders of Centra Tech, Inc., with running a fraudulent ICO that raised more than $32 million in 2017. The company had drawn endorsements from celebrities including Floyd Mayweather Jr. and DJ Khaled.[54]

In September 2019, block.one agreed to settle charges related to its $4 billion unregistered ICO of EOS.IO for a $24 million penalty.[55][56] The settlement did not require a restitution offer, registration of tokens, or any disqualifications.[57]

## See also

* Alternative currency
* Airdrop
* Digital asset
* Private currency

## References

1. ↑ "Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO". U.S. Securities and Exchange Commission. 25 July 2017. https://www.sec.gov/litigation/investreport/34-81207.pdf.
2. ↑ Catalini, Christian; Gans, Joshua S. (2018). "Initial Coin Offerings and the Value of Crypto Tokens". MIT Sloan Research Paper.
3. ↑ "ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs)". European Securities and Markets Authority. 13 November 2017. https://www.esma.europa.eu/press-news/esma-news/esma-alerts-investors-high-risks-initial-coin-offerings-icos.
4. ↑ Adhami, Saman; Giudici, Giancarlo; Martinazzi, Stefano (2018). "Why do businesses go crypto? An empirical analysis of initial coin offerings". Journal of Economics and Business 100: 64–75. doi:10.1016/j.jeconbus.2018.04.001.
5. ↑ "Consumer warning about the risks of Initial Coin Offerings ('ICOs')". Financial Conduct Authority. 12 September 2017. https://www.fca.org.uk/news/statements/consumer-warning-about-risks-initial-coin-offerings.
6. ↑ "Statement on cryptocurrencies and initial coin offerings". Bank for International Settlements. 2018. https://www.bis.org/publ/arpdf/ar2018e5.htm.
7. ↑ "China bans ICO fundraising, orders platforms to refund investors". Reuters. 4 September 2017. https://www.reuters.com/article/us-china-bitcoin-ico-idUSKCN1BI0N9.
8. ↑ Popper, Nathaniel (2017-11-26). "Initial Coin Offerings Horrify a Former S.E.C. Regulator" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2017/11/26/business/initial-coin-offering-critic.html.
9. ↑ Shifflett, Shane; Jones, Coulter (17 May 2018). "Buyer Beware: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud". The Wall Street Journal. https://www.wsj.com/articles/buyer-beware-hundreds-of-bitcoin-wannabes-show-hallmarks-of-fraud-1526573115.
10. ↑ Chohan, Usman W. (2017). "Initial Coin Offerings (ICOs): Risks, Regulation, and Accountability". SSRN Electronic Journal. doi:10.2139/ssrn.3080098.
11. ↑ "Framework for “Investment Contract” Analysis of Digital Assets". U.S. Securities and Exchange Commission. 2019. https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets.
12. ↑ Rooney, Kate (1 May 2018). "Ethereum falls on report that the second-biggest cryptocurrency is under regulatory scrutiny". CNBC. https://www.cnbc.com/2018/05/01/ethereum-falls-on-report-second-biggest-cryptocurrency-is-under-regulatory-scrutiny.html.
13. ↑ Adhami, Saman; Giudici, Giancarlo; Martinazzi, Stefano (2018). "Why do businesses go crypto? An empirical analysis of initial coin offerings". Journal of Economics and Business 100: 64–75. doi:10.1016/j.jeconbus.2018.04.001.
14. ↑ Fenu, Gianni; Marchesi, Lodovica; Marchesi, Michele; Tonelli, Roberto (2018). "The ICO phenomenon and its relationships with Ethereum smart contract environment". arXiv. https://arxiv.org/abs/1803.01394.
15. ↑ "Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO". U.S. Securities and Exchange Commission. 25 July 2017. https://www.sec.gov/litigation/investreport/34-81207.pdf.
16. ↑ "China bans ICO fundraising, orders platforms to refund investors". Reuters. 4 September 2017. https://www.reuters.com/article/us-china-bitcoin-regulation-idUSKCN1BD0C4.
17. ↑ "Consumer warning about the risks of Initial Coin Offerings (ICOs)". Financial Conduct Authority. 12 September 2017. https://www.fca.org.uk/news/statements/consumer-warning-initial-coin-offerings.
18. ↑ "ESMA alerts investors to the high risks of Initial Coin Offerings". European Securities and Markets Authority. 13 November 2017. https://www.esma.europa.eu/press-news/esma-news/esma-alerts-investors-high-risks-initial-coin-offerings-icos.
19. ↑ Shifflett, Shane; Jones, Coulter (17 May 2018). "Buyer Beware: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud". The Wall Street Journal. https://www.wsj.com/articles/buyer-beware-hundreds-of-bitcoin-wannabes-show-hallmarks-of-fraud-1526573115.
20. ↑ "ICOs face regulatory scrutiny in a growing number of countries". Axios. 6 September 2017. https://www.axios.com/2017/12/15/icos-face-regulatory-scrutiny-in-a-growing-number-of-countries-1513305298.
21. ↑ "Statement on cryptocurrencies". Bank for International Settlements. 2018. https://www.bis.org/publ/arpdf/ar2018e5.htm.
22. ↑ "Are token assets the securities of tomorrow?". Deloitte. February 2019. https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/technology/lu-token-assets-securities-tomorrow.pdf.
23. ↑ "Coinbase launches new platform for early access to digital tokens". Reuters. November 10, 2025. https://www.reuters.com/business/coinbase-launches-new-platform-early-access-digital-tokens-2025-11-10/.
24. ↑ ""Initial coin offerings" present dangers to investors, new challenge for U.S. regulators". Reuters. 14 June 2017. https://www.reuters.com/article/technology/initial-coin-offerings-present-dangers-to-investors-new-challenge-for-us-re-idUSKBN1942GN/.
25. ↑ "Kim Kardashian pays $1.26 million fine for paid crypto ad, SEC says". Reuters. 3 October 2022. https://www.reuters.com/markets/us/sec-charges-kim-kardashian-unlawfully-touting-crypto-security-statement-2022-10-03/.
26. ↑ "Initial Coin Offerings". Financial Conduct Authority. 12 September 2017. https://www.fca.org.uk/news/statements/initial-coin-offerings.
27. ↑ Ruwitch, John; Kelly, Jemima (5 September 2017). "China hits booming cryptocurrency market with coin fundraising ban". Reuters. https://www.reuters.com/article/technology/china-hits-booming-cryptocurrency-market-with-coin-fundraising-ban-idUSKCN1BF0R7/.
28. ↑ "Initial Coin Offerings Surge Past $4 Billion—And Regulators Are Worried". The Wall Street Journal. 14 December 2017. https://www.wsj.com/articles/initial-coin-offerings-surge-past-4-billionand-regulators-are-worried-1513235196.
29. ↑ "ICO market collapses as cryptocurrency prices tumble". Financial Times. 11 August 2018. https://www.ft.com/content/5a3d5c58-9d1c-11e8-9702-5946bae86e6d.
30. ↑ Russo, Camila; Katz, Lily; Robertson, Benjamin (March 7, 2018). "Bitcoin Steadies Amid U.S., Japan Regulatory Clampdown Concern". Bloomberg. https://www.bloomberg.com/news/articles/2018-03-07/bitcoin-dives-after-sec-says-crypto-platforms-must-be-registered.
31. ↑ "Subscribe | theaustralian". http://www.theaustralian.com.au/business/financial-services/regulators-warn-of-risks-of-investing-in-highly-speculative-icos/news-story/98f80779d513c20cca6b0a98f0426d50.
32. ↑ "ASIC provides guidance for initial coin offerings". Australian Securities and Investments Commission. September 28, 2017. http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-325mr-asic-provides-guidance-for-initial-coin-offerings/.
33. ↑ Information and Communication Technology (September 4, 2017). "Seven departments on the prevention of tokens issued financing risk notice". Ministry of Industry and Information Technology. http://www.miit.gov.cn/n1146290/n4388791/c5781140/content.html.
34. ↑ 34.0 34.1 Vigna, Paul (September 4, 2017). "China Bans Digital Coin Offers as Celebrities Like Paris Hilton Tout Them". The Wall Street Journal. https://www.wsj.com/articles/some-digital-coins-are-up-2-800-what-could-go-wrong-1504522801.
35. ↑ Ou, Elaine (September 6, 2017). "Go Ahead, Try to Stop Initial Coin Offerings". Bloomberg View. https://www.bloomberg.com/view/articles/2017-09-06/go-ahead-try-to-stop-initial-coin-offerings.
36. ↑ "Les ICO auront bientôt un cadre juridique" (in en-FR). Les Echos. 2017-10-09. https://www.lesechos.fr/12/09/2018/lesechos.fr/0302244399565_les-ico-auront-bientot-un-cadre-juridique.htm.
37. ↑ "Statement on initial coin offerings". 2017-09-05. http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR117.
38. ↑ "Arc Reserve Currency Homepage". https://www.arccy.org.
39. ↑ "Carey Olsen and JTC advise ARC Fiduciary Ltd on Jersey's first ICO". 14 December 2017. https://www.careyolsen.com/news-and-deals/carey-olsen-and-jtc-advise-arc-fiduciary-ltd-jerseys-first-ico.
40. ↑ "Initial coin offers". https://fma.govt.nz/compliance/cryptocurrencies/initial-coin-offers/.
41. ↑ "Government confirms introduction of Government confirms introduction of confirms introduction of Distributed Ledger Technol Distributed Ledger Technology (DLT) ogy (DLT) Regulatory Framework Regulatory Framework in January 2018 in January 2018". https://www.gibraltar.gov.gi/new/6102017-government-confirms-introduction-government-confirms-introduction-confirms-introduction.
42. ↑ "South Korea bans raising money through initial coin offerings". Reuters. 2017-09-29. https://www.reuters.com/article/us-southkorea-bitcoin/south-korea-bans-all-forms-of-initial-coin-offerings-idUSKCN1C408N.
43. ↑ 43.0 43.1 Popper, Nathaniel (2017-09-29). "New Virtual Currencies Hit Barriers in U.S. and 2 Other Nations" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2017/09/29/business/sec-initial-coin-offerings.html.
44. ↑ "FINMA is investigating ICO procedures". https://www.finma.ch/en/news/2017/09/20170929-mm-ico/.
45. ↑ Diaa, Sarah (2017-10-09). "Abu Dhabi Global Market sets guidance on initial coin offerings, virtual currencies". GulfNews. http://gulfnews.com/business/sectors/markets/abu-dhabi-global-market-sets-guidance-on-initial-coin-offerings-virtual-currencies-1.2103239.
46. ↑ Press release (25 July 2017). "SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities". U.S. Securities and Exchange Commission (2017–131). https://www.sec.gov/news/press-release/2017-131.
47. ↑ Note, Recent Guidance: SEC Provides Analytical Tools for Assessing Digital Assets, 132 Harv. L. Rev. 2418 (2019)
48. ↑ SEC Strategic Hub for Innovation and Financial Technology. "Framework for "Investment Contract" Analysis of Digital Assets". U.S. Securities and Exchange Commission. https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets.
49. ↑ Buhr, Sarah. "The SEC has charged two initial coin offerings with defrauding investors" (in en). TechCrunch. https://techcrunch.com/2017/09/29/the-sec-has-charged-two-initial-coin-offerings-with-defrauding-investors/.
50. ↑ Press release (29 September 2017). "SEC Exposes Two Initial Coin Offerings Purportedly Backed by Real Estate and Diamonds". U.S. Securities and Exchange Commission (2017–185). https://www.sec.gov/news/press-release/2017-185-0.
51. ↑ Press release (15 November 2018). "Brooklyn Businessman Pleads Guilty to Defrauding Investors through Two Initial Coin Offerings" (in en). United States Department of Justice. https://www.justice.gov/usao-edny/pr/brooklyn-businessman-pleads-guilty-defrauding-investors-through-two-initial-coin.
52. ↑ "SEC Statement Urging Caution Around Celebrity-Backed ICOs". November 1, 2017. https://www.sec.gov/newsroom/speeches-statements/statement-potentially-unlawful-promotion-icos-sec-statement-urging-caution-around-celebrity-backed-icos.
53. ↑ "Company Halts ICO After SEC Raises Registration Concerns". https://www.sec.gov/news/press-release/2017-227.
54. ↑ Al-Muslim, Aisha (April 2, 2018). "SEC Charges Startup Co-Founders with Fraudulent Initial Coin Offering". The Wall Street Journal. https://www.wsj.com/articles/sec-charges-startup-co-founders-with-fraudulent-initial-coin-offering-1522715492.
55. ↑ Silva, Matthew De (3 October 2019). "Crypto companies are settling with the SEC, but that's not stopping them" (in en). Quartz (publication). https://qz.com/1720295/after-4b-ico-block-ones-24m-sec-settlement-lets-it-keep-building/.
56. ↑ Press release (30 September 2019). "SEC Orders Blockchain Company to Pay $24 Million Penalty for Unregistered ICO". U.S. Securities and Exchange Commission (2019–202). https://www.sec.gov/news/press-release/2019-202.
57. ↑ Rosenblum, Robert; Caiazza, Amy; Evenson, Taylor; Goodrich, Wilson Sonsini (26 October 2019). "Less Aggressive SEC Sanctions on Violations by Crypto Issuers". Harvard Law School Forum on Corporate Governance and Financial Regulation. https://corpgov.law.harvard.edu/2019/10/26/less-aggressive-sec-sanctions-on-violations-by-crypto-issuers/.

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