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Shanghai Shows Exit To Crypto Trading Markets

Shanghai Shows Exit To Crypto Trading Markets

17 trading platform will reportedly stop trading cryptocurrency in Shanghai. Among the names, BTCChina, SZZC, Binance, 51SZZC 91ICO, Lhang, Bitekuang, ETCWin FreeWillex, Bitbill, 19800Net ICORaise, ICOAGE ICOrace, ICOfox and ICO17 declared publicly that they further do not carry out ICO operations and plan to exit the market.

In a report by the National Committee of Experts on the Internet Financial Security of Technology of China in a duration between January 2017 to 18th July about 65 ICO projects were completed in China worth RMB 2,616 billion of investment. Before this year, there were only five ICO projects.

The People’s Bank of China (PBOC) on September 4 announced that ICO is a type of public fundraising which lacks approval and hence is illegal. It further asked all the ICO activities to be stopped immediately.

After this, the Shanghai government, municipality and the Shanghai PBOC asked all the crypto platforms to stop their operation by the end of September. The government is further seeking to order the trading platforms to refund the investors.

As of now, above 90 percent of the ICO projects have been verified and refunded.