BTCChina, one of the world’s oldest crypto exchanges, closes operations amid Chinese ban
The BTCChina exchange, also known as BTCC, reportedly reported that it is exiting the Bitcoin business amid the crackdown on cryptocurrency miners in China. Founded by Huang Xiaoyu and Yang Linke in 2011, BTCC was the first exchange to operate in the Asian powerhouse and was, along with the late Mt. Gox, one of the world’s first digital currency exchanges.
A report by the South China Morning Post revealed the news. Likewise, a publication by Chinese news agency The 21st Century Business Herald reported on Thursday that the company sold its stake in Singapore-registered Bitcoin exchange ZG.com to an unidentified foundation in Dubai. Although the reports highlight that said sale would have been carried out last year.
ZG.com is a completely independent cryptocurrency exchange company with registrations in the United States, Singapore, Estonia, Seychelles, and other countries. According to the report, BTCChina would have invested in ZG.com in January 2019.
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Once one of the largest cryptocurrency exchanges in Asia, BTCC’s trading services division was acquired by an unidentified Hong Kong-based Blockchain investment fund in 2018. BTCC had had to close its doors in China a year earlier. in the face of the offensive of the Chinese authorities on the cryptocurrency sector in 2017.
However, it then continued to operate normally for investors outside the country. The recent closure announcement represents the final nail in the coffin for BTCC’s side of cryptocurrency trading operations.
The company’s closure of operations comes just as China is increasing pressure against everything related to the cryptocurrency industry, including mining and trading, activities that the government has highlighted as a threat to its sovereignty.
Although one of the reports assures that BTCC’s decision to abandon the Bitcoin business occurs “in response to the policy of the Chinese government,” a company spokesperson assured that BTCC had not been affected by the prohibition measures. China.
The company indicated that it will now go on to create applications based on Blockchain, which, if anything, could keep it off the radar of the authorities. As we have reported, the government of China supports the use of Blockchain technology and made it one of its focuses in its fourth industrial revolution program.