One of oldest Chinese exchange BTCChina closes Bitcoin business following the crackdowns

One of China’s longest-running cryptocurrency exchanges has shut its bitcoin business following the country’s latest anti-crypto crackdowns.

One of oldest Chinese exchange BTCChina closes Bitcoin business following the crackdowns

One of China’s longest-running cryptocurrency exchanges has shut its bitcoin business following the country’s latest anti-crypto crackdowns. 

BTCChina, founded by Huang Xiaoyu and Yang Linke in 2011, announced on Thursday it had completely exited from business relating to bitcoin.

The company’s stake in Singapore-registered bitcoin exchange ZG.com was sold to a foundation in Dubai a little over a year ago.

The exchange platform of BTCC was acquired by an unidentified Hong Kong-based blockchain investment fund in 2018 but continued to operate as normal for investors outside of China’s great firewall. The closure represents the final nail in the coffin for the crypto trading side of the exchange’s operations. The company will pivot to blockchain uses outside of trading.

The move came forward as China is showing strong hands pressure against anything related to cryptocurrencies, including crypto mining and trading, which it views as a threat to its sovereignty. 

This is not the first time the exchange has had to deal with crypto-trading bans on the mainland, the renewed effort from Beijing against those dealing with crypto is a vastly more concerning prospect this time around. 

Many argue the latest departure by crypto miners and their operations will impact a more negative effect on the markets with those either forced to leave or toe the line of the country’s latest anti-crypto narrative. 

Read: Chinese crypto mining firm Canaan sets up unit in Kazakhstan

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