The closing wave of crypto exports in China is also continuing in Shanghai, where the trading platforms are now also falling.
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 meanime 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 reparation 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 back processing is made primarily to protect consumers.
