Updated: 09/25/2017 20:53
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shanghai cryptocurrency ban
See the main news concerning the seize of trading activity on major Shanghai platforms, ICO refund and verification issues revealed
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See the main news concerning the seize of trading activity on major Shanghai platforms, ICO refund and verification issues revealed

As it's been reported in the news on CCTV, 17 trade platforms are supposed to stop trading cryptocurrencies in Shanghai. Bitbill, 19800Net, FreeWillex, ICOAGE, 91ICO, ICOrace, ICOfox, ICORaise, BTCChina, Binance, SZZC, Lhang, ETCWin, Bitekuang, 51SZZC, Hanbiwang and ICO17 have openly announced they are no longer involved in ICO transactions and offered plans to quit the market.

According to the report from the National Committee of Experts on the Internet Financial Security of Technology of China, during the period from January 1017 till July 18 sixty five projects have been realized to the total amount of 2.616 bln. worth of investment. Before the year 2017 only five projects were realized.

On September 4, 2017 the People's Bank of China (PBOC) released official statement, saying that ICO is some sort of crowd funding, which is not yet approved and illegal. The Bank called for stopping any ICO activity. Later on the Shanghai Government and municipality called for stopping the trades on crypto currency exchanges by any trading platforms by September 30, and so did the Shanghai office of the PBOC. Further on the Shanghai government will carry on steps to compensate losses so that investors could get their funds back.

More than 90 per cent of ICO projects have been verified and refunded. In order to secure uninterrupted service, the top management of the platforms are requested to stay in Shanghai to cooperate on the refund activities.

Some investors are refusing refunds, which is one of the main reasons why launched ICOs are traded abroad and investors believe they have right to possess tokens. Moreover, token prices grow high, that is why investors are not willing for the refund at the same price as when the ICOs were first launched. With a view to that Shanghai regulating authorities explained the principle lies in protecting investors' rights and benefits. They call for better communication between investors and platforms.

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