Secondary Market Transactions

Last week, the People’s Bank of China together with other six Chinese ministries and commissions issued “the announcement regarding the prevention of the financial risks of digital token sales”. VeChain Foundation (the ‘Foundation’) is determined to conduct all its activities in China in compliance with any Chinese legislation and regulation. In response to the above announcement, the Foundation has recently issued, in succession, “the announcement regarding refunding for Chinese citizens VeChain tokens obtained through official channels” and “the announcement regarding refunding for Chinese citizens VeChain tokens obtained from other channels”.

At present, we have already started the program for refunding VeChain tokens for Chinese citizens obtained through official channels, including VeChain website and authorized third-party platforms. Recently, the Foundation has decided to open the new program for refunding VeChain tokens for all VeChain token holders with a Chinese citizenship. The program will start at 18:00 (Beijing time), September 15, 2017 and ends at 24:00 (Beijing time), September 24, 2017.

Here the Foundation makes a solemn promise, that is, all the VeChain tokens returned during the token-refunding period will be sealed to one particular address and destroyed afterwards. The address will be made public to the community and a third-party professional institution will be invited to monitor the whole refunding process and the destroying of the returned VeChain tokens.

The Foundation are actively negotiating with various international crypto-currency trading platforms. We would expect the VeChain tokens to be listed and tradable again in near future.

We acknowledge that in the past couple of weeks, we had been distracted by the sudden new Chinese regulations regarding digital token sales and therefore, haven’t done enough to communicate with and update international communities with the latest development of the Foundation. In future, the Foundation will put more effort into actively engaging and interacting with communities and, more importantly, to steadily push forward our plan for developing a ‘distributed, collaborative and trustworthy commercial eco-system’.

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