The operator of China’s first Bitcoin exchange reportedly withdrew from cryptocurrency

BTCChina, the earliest Bitcoin operator in China (Bitcoin) The exchange, according to some reports, no longer engages in the encryption business.

The company recently sold its shares in the Singapore-registered Bitcoin exchange ZG.com to an unidentified foundation in Dubai, China News Service 21st Century Business Herald recently Report.

According to reports, ZG.com is a completely independent cryptocurrency exchange registered in the United States, Singapore, Estonia, Seychelles and other countries. According to reports, BTCChina invested in ZG.com in January 2019.

According to the South China Morning Post, BTCChina Say It is exiting the Bitcoin business in response to the Chinese government’s policy, alluding to the main Combating crypto mining activities And related activities in the country.

Founded as early as 2011 by Huang Xiaoyu and Yang Linke, BTCChina was forced to stop trading Cryptocurrency in October 2017 The Chinese government bans crypto transactions. The company was Sell ​​its exchange business A blockchain investment fund headquartered in Hong Kong. Except for customers with Chinese IP addresses, the exchange continues to operate under the name of BTCC.

The activity of BTCC after the sale has caused speculation that it is connected to BTCChina and that Yang still controls the exchange-the company claims Refuse.

Bitcoin Announce The company was not affected by the Chinese cryptocurrency crackdown last week. The company stated: “BTCC is currently not affected because BTCC does not provide cryptocurrency trading, but cryptocurrency derivatives trading.”

related: Crypto miners say China’s crackdown means Bitcoin is working

ZG.com and BTCC did not immediately respond to Cointelegraph’s request for comment.

In recent months, the Chinese government has been cracking down on cryptocurrencies, Leading to multiple closures of major crypto mining centers Including Sichuan, Yunnan, Xinjiang, Inner Mongolia, Qinghai and other provinces.In addition, major Chinese banks such as the Agricultural Bank of China have confirmed that the Chinese authorities have Prohibit any crypto-related transactions The same is true on Chinese bank accounts.