- The first crypto exchange founded in China, BTCC, exited the bitcoin trading market.
- BTCC noted it will now transition to blockchain-related efforts.
Last week, the first crypto exchange founded in China, BTCC, exited the bitcoin trading market.
According to BTCC, it has exited the crypto business. In reports, the firm said that this is the result of the regulatory influence Beijing is using on crypto businesses. More so, BTCC noted it will now transition to blockchain-related efforts.
Moreover, the company stated it had sold its shares in the Singapore exchange ZG.com in May 2020. Also, many of the crypto exchanges based in China moved overseas years ago. This was the result of the first cryptocurrency crackdown back in 2017.
For a few weeks now, the government is tightening its grip on crypto businesses. Besides, the People’s Bank of China also targets Over-the-counter (OTC) businesses and crypto-related accounts. As per the local news, these P2P and OTC firms will have their accounts frozen. ...
This article was first published on coinquora.com