Chinese police without warning shut down Global Fintech & Blockchain Summit China 2018 (GFBCS) opened today in Shanghai.

The event was stopped immediately after the announcement of the agenda. According to local media reports, the warnings, neither the organizers nor the participants had received.

According to the organizers, the police said that the cause of the suspension of the summit have become “security risks”. Chinese media have reported that participation in the event was invited by fraudulent ICO project, and that was the reason for the closure.

According to unconfirmed reports, some guests GFBCS reported to law enforcement that the summit will be the operator of the ICO, whose members lost their money.

However, the organizers deny this information and urge the community not to believe the rumors disseminated by the “unfair media”.

“We find out the reasons for the closure of the event. This is the official event, and there are no legal issues associated with its content, no,” they assured.

The organizers have promised to hold the summit participants aware of the situation and report when I know more. They are also considering a possible postponement of the event to another date.

Despite the ban on trading digital currencies and the ICO in China, local authorities have a positive attitude towards technology of the blockchain and FINTECH. Therefore conferences in these topics normally attract a large audience. GFBCS is no exception.

Recall that in March it became known that China intends to develop a national blockchain standards.