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Longest-running crypto exchange in China, BTCC closes its doors for Bitcoin
BTCChina, one of China’s oldest cryptocurrency exchanges has closed business following the country’s latest anti-crypto crackdowns. As reported in the South China Morning Post, the company founded in 2011 had completely exited their business related to Bitcoin. BTCChina will now focus operations on blockchain uses.
It was also reported that the company had sold its stake in Singapore-registered bitcoin exchange ZG.com to a foundation in Dubai a little over a year ago.
In 2018, BTCC’s exchange was acquired by an unidentified Hong Kong-based blockchain investment fund, however remained operational as normal for investors outside of China.
The closure of its Bitcoin business comes as China is upping pressure against anything related to cryptocurrencies, including mining and trading. The state considers both a threat to its sovereignty.
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Author: Peter Siu