Renren scraps ICO after talks with China regulators

Bloomberg

Renren Inc. has cancelled a potential initial coin offering after Chinese regulators discouraged the Beijing-based social network from pursuing the plan, people familiar with the matter said.
Regulators, which declared ICOs in China illegal, have held talks with Renren and other Chinese companies that sought to skirt the rules on such offerings, according to the people, who asked not to be identified as they weren’t authorised to discuss the talks. It is unclear whether the rules apply to those listed outside the mainland, such as New York-traded Renren.