• Wed. Jun 12th, 2024

China’s First Bitcoin Exchange’s Operator Exits Cryptocurrency Business

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Jun 28, 2021

Just recently, reports have emerged about BTCChina, which is the oldest Bitcoin (BTC) exchange operator in China. The reports suggest that the BTCChina operator has reportedly exited the cryptocurrency business. This means that the platform will no longer be offering cryptocurrency-related services to the users.

The reports revealed that the operator has proceeded with the sale of its stakes at an exchange that is registered in Singapore. The name of the particular Bitcoin exchange based in Singapore is ZG.com. The information suggests that the party that has purchased the stakes is based in Dubai but this is the only piece of information available about the platform.

This information has been shared by the media group known as The 21st Century Business Herald.

The information from the reporting firm has revealed details about the ZG.com exchange. The information says that ZG.com is a cryptocurrency exchange business that operates independently. The company has registrations coming in from many countries.

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Some of the major countries where the exchange caters to registrations include Seychelles, Estonia, Singapore, the United States, and other countries. It was not recently when BTCChina had made an investment in ZG.com. The reports revealed that it was back in January of 2019 when the investment was made by BTCChina in ZG.com.

BTCChina has also revealed why it has made the decision of exiting the Bitcoin (BTC) and cryptocurrency business. As per the exchange executives/officials, they had to make this decision because of the policies of the Chinese Government.

Similar to the rest of the major cryptocurrency firms in China, BTCChina also hinted towards the recent crackdowns of Chinese authorities against cryptocurrencies when providing an explanation over its exit.

This means that the Chinese authorities have successfully carried out their crackdowns. This is because even the oldest of the firms in China, dealing in cryptocurrencies are forced to take this action. The firms in China have started backing away from providing services in cryptocurrencies due to the heavy crackdowns from the Chinese regulators.

It was just the beginning of May when the Chinese regulators had started issuing warnings to firms all over China about the risks of cryptocurrencies. The notices even reminded everyone that cryptocurrencies were fully banned in China since 2017. Therefore, any firm found dealing in cryptocurrencies or offering them would be deemed liable for strict actions.

BTCChina was the oldest exchange in China to have started providing BTC exchange services in China. The exchange was founded back in 2011. The founders of the exchange were reportedly Yang Link and Huang Xiaoyu.

The first time the exchange stopped offering cryptocurrency trading services was back in 2017. That was the time when the Chinese Government had to implement a ban/prohibition over the dealing of cryptocurrencies.

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