• According to reports, the operator of China’s first Bitcoin exchange has decided to leave the cryptocurrency market

  • BTCChina is said to have sold its investment in ZG.com, a Singapore-based Bitcoin exchange.

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

    An undisclosed foundation in Dubai purchased the company’s interest in the Singapore-based Bitcoin exchange ZG.com.

    ZG.com is a completely self-contained cryptocurrency exchange with offices in the United States, Singapore, Estonia, the Seychelles, and other nations. In January 2019, BTCChina is said to have invested in ZG.com.

    BTCChina announced its exit from the Bitcoin business “in response to the Chinese government’s policies,” alluding to the country’s massive crackdown on crypto mining and related operations.

    Following the Chinese government’s prohibition on cryptocurrency trading, BTCChina, which was founded in 2011 by Huang Xiaoyu and Yang Linke, was forced to halt trading cryptocurrencies in October 2017. Following that, the company sold its exchange operations to a blockchain investment fund based in Hong Kong. Except for users with Chinese IP addresses, the exchange continued to operate under the name BTCC.

    Following the sale, BTCC’s operations sparked speculation that it was still associated with BTCChina and that Yang controlled the exchange, which the business has denied.

    Last week, BTCC declared that it was unaffected by China’s crypto crackdown. “BTCC is unaffected for the time being because BTCC does not provide cryptocurrency trading, but rather cryptocurrency derivatives,” the company explained.

    In recent months, the Chinese government has cracked down on cryptocurrency, shutting down significant crypto mining centres in provinces such as Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Qinghai. Major Chinese banks, including as the Agricultural Bank of China, have also acknowledged that Chinese officials are working to restrict any crypto-related transactions on Chinese bank accounts.

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