Cryptocurrency exchanges

According to reports, the operator of China’s first Bitcoin exchange has exited the cryptocurrency market.|||||

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BTCChina is said to have sold its share in the Singapore-based Bitcoin exchange ZG.com.

According to certain sources, BTCChina, the operator of China’s oldest Bitcoin (BTC) exchange, is no longer in the crypto industry.

The business sold its share in the Singapore-registered Bitcoin exchange ZG.com to an undisclosed Dubai charity. Chinese news agency The 21st Century Business Herald recently reported.

According to the report, ZG.com is a completely independent crypto exchange business with registrations in the United States, Singapore, Estonia, Seychelles and other countries. BTCChina reportedly invested in ZG.com in January 2019.

According to the South China Morning Post, BTCChina announced its withdrawal from the Bitcoin industry “in response to the Chinese government’s policy,” referring to the country’s massive crackdown on crypto mining and associated operations.

BTCChina, which was founded in 2011 by Huang Xiaoyu and Yang Linke, was forced to halt trading cryptocurrencies in October 2017 due to the Chinese government’s prohibition on cryptocurrency trading. The business then sold its exchange operations to a blockchain investment group located in Hong Kong. Except for users having a Chinese IP address, the exchange continued to function under the name BTCC.

BTCC’s activities after the sale fueled speculation that it was affiliated with BTCChina, and that Yang still controlled the exchange — claims which the company has denied.

BTCC announced last week that the company was not affected by China’s crypto crackdown. “BTCC is not impacted for now because BTCC doesn’t provide trading of cryptocurrencies, but derivatives of cryptocurrencies,” the company said.

ZG.com and BTCC did not reply quickly to Cointelegraph’s requests for comment.

In recent months, the Chinese government has been cracking down on cryptocurrency, resulting in the shutdown of many key crypto mining centres in the nation, including provinces such as Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Qinghai. Major Chinese banks, including as the Agricultural Bank of China, have also stated that Chinese authorities are seeking to restrict any crypto-related transactions on bank accounts in China.

According to the report, ZG.com is a completely independent crypto exchange business with registrations in the United States, Singapore, Estonia, Seychelles and other countries. BTCChina reportedly invested in ZG.com in January 2019.

Source: https://www.kogocrypto.com/according-to-reports-the-operator-of-chinas-first-bitcoin-exchange-has-exited-the-cryptocurrency-market/

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