Local sources have confirmed to Finance Magnates that a major cryptocurrency conference in Shanghai has been halted by police.
The event – ‘2nd Global Fintech & Blockchain China Summit 2018’ – began on Thursday at 08:30 local time, and was reportedly halted by police at around midday. According to a local news source, many attendees were unsure of what to do and continued to hang around the premises.
The event website claims more than 1,000 attendees and presents a guest list of over 150 financial services companies and 50 media outlets. The agenda includes (or rather, included) product demonstrations from more than 30 technology startups and 56 booked speakers, of which a rough majority are CEOs.
An industry award ceremony was also scheduled for later in the day. The application process for these awards apparently began on the 9th of March, so the event has been in the works for a while.
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The website says: “We aim to create a global network of entrepreneurs and developers in the fast-evolving blockchain economy, to explore the new business models and unrecognized opportunities in the blockchain world, We are fully convinced that this summit will empower the creation of the new technology-driven financial eco-system and reconfiguration of the future by the blockchain technology.”
The reason for the raid is still unconfirmed, but the police are claiming ‘public security’ as an excuse for halting the event. There are rumours in social media sources that police were informed of a fraudulent ICO project that would be taking part.
The event organiser PTP International said: “We are still investigating the reasons of the halt, and so far the explanation offered by the police is due to security risk. We are working on a solution regarding how to make up for event attendees. The conference is in compliance with the regulation in China and does not feature any ICO roadshow.”
Over the last few days, news from China has not been positive for the cryptocurrency industry. The central bank released a clear statement that it would be continuing and even ramping up its restrictive measures, and a major online marketplace widened its ban on cryptocurrency-related products, apparently in an effort to show compliance.