I don't know if you've noticed, but in China, raising funds for Bitcoin and Ethereum to issue tokens goes unpunished, regardless of whether the token is listed on an exchange. This has become the first pot of gold for many big shots. In other words, as long as you're even slightly daring, or if you have no moral qualms whatsoever, it's equivalent to printing money… which is essentially illegal fundraising, but because it's cryptocurrency being raised, not RMB, there's absolutely no problem!