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  The crypto market is also closed in Shanghai | Bit Updates
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The crypto market is also closed in Shanghai

Monday, September 25th, 2017 | bitcoin updates

The closing wave of crypto exchanges in China is also continuing in Shanghai, where the trading platforms are now also falling.

According to local media reports, 17 crypto trading platforms officially announced their trading in Shanghai: BTCChina, Binance, SZZC, Lhang, ETCWin, Bitekuang, 51SZZC, Hanbiwang, Bitbill, 19800Net, FreeWillex, ICOAGE, 91ICO, ICOrace, ICOfox, ICORaise and ICO17 , Participation in ICO financing and all ICO activities have already been discontinued.
Finally, on 4 September, the Chinese central bank declared ICOs illegal and immediately stopped all ICOs in China. A short time later the crypto exchanges were also called upon to stop their business – deadline 30 September. At present, the Shanghai authorities are supervising the repackaging of deposits, ie repaying the money invested to customers.
In the meantime 90% of all ICO projects have been repacked. In order to ensure a smooth process and full regulatory control, the operators of the platforms were asked to remain in Shanghai until the reverse processing was completed.
However, the repatriation of the money is quite difficult as some investors refuse to exchange their tokens. This is primarily the case for foreign investors who wish to retain their token ownership claims. In addition, some ICOs have grown significantly in the meantime, so a return to the entry price is very painful for many. Even though many investors consider it to be without high price gains, the authorities in Shanghai argue that the backward processing is mainly made to protect consumers.

About Sven WagenknechtSven Wagenknecht is the chief editor of BTC-ECHO and, in addition to editorial planning, is also responsible for Business Development. After studying as a banker, he studied politics and economics in Münster and completed various career positions, for example, in one of the leading company consultations and the Federal Ministry of Economics. In the field of blockchain technology, he is particularly fascinated by the long-term implications for politics, society and the economy. As a speaker, most recently at the St. Petersburg International Economic Forum 2017, he talks about the macroeconomic potential of the blockchain.View all posts by Sven Wagenknecht

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