In its last September, China started its operations on virtual currencies, has banned the ICO. Many of its Chinese investors have continued to explore underground methods to do business in virtual currencies and invest in ICO.
Despite this, many laws were passed in China last year to ban the use of cryptocurrency activity. This Chinese government has made the target of investments of cryptocurrency trading and ICO through its media. On September 30, BTCC, the world's oldest crypto exchange closed its doors, gave the regulators order to voluntarily shut down. It’s strengthening the local exchanges to stop operations.
Source - https://www.ccn.com/chinese-government-doubles-down-in-bid-to-prevent-icos-cryptocurrency-trading/