The China Construction Bank (CCB) branch in Labuan has withdrawn its plan to raise $3 billion using blockchain bonds. CCB’s Labuan branch has announced that they were aiming to raise such a huge bond issuance within just two weeks. This announcement of withdrawal came on Monday, November 23 from Fusang which is a Malaysian digital securities exchange. This ERC-20 token bond was supposed to be listed for trading on Fusang. The exchange reported that they have been notified by CCB’s Labuan branch to immediately withdraw the bond issuance. CCB’s Labuan Branch Announced Blockchain Bonds With Longbond Fusang has announced that they have already started returning funds of all the investors who invested in this project. However, there isn’t any explanation yet behind this withdrawal. CCB’s Labuan Branch announced this plan of a $3 billion blockchain bond on November 10. The bank has planned to launch this blockchain bond with Longbond Ltd., which was supposed to issue this bond. It is revealed that the trading of this bond was planned to start trading from November 13, 2020. This was the initial launch date of the bond was given by the sponsor and issuer. However, Fusang reported that the launch was postponed by the sponsor on the same day and it was unable to launch. Exchange Also Wrote To Listing Sponsor About Postponement Reason CCB’s Labuan Branch has abruptly postponed the listing of the bond on the day of its launch which has left everybody suspicious about the bond. Due to this, Fusang wrote to the sponsor to know the reason behind this postponement on November 06, 2020. The exchange has also asked another date for the launch. The sponsor replied to this on November 20, stating about the withdrawal of the bond. The exchange as well as the investors are quite surprised with this withdrawal and are seeking for a reason behind this.
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