Renren Inc. has canceled 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 in September 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 authorized to publicly discuss the talks. It is unclear whether the rules apply to those listed outside the mainland, such as New York-traded Renren. Two of the people said regulators are focusing on overseas-listed Chinese companies.
