The event “2nd Global Fintech & Blockchain China Summit 2018,” a major cryptocurrency conference in Shanghai, was reportedly halted by police at around midday.
The event website claims the forum had more than 1,000 attendees and presents a guest list of over 150 financial services companies and 50 media outlets.
The agenda included product demonstrations from more than 30 technology startups and 56 booked speakers, of which a rough majority are CEOs.
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.
Over the past 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 be show compliance.