China’s first-ever Bitcoin exchange exits crypto business? 

According to reports, BTCChina — China’s first Bitcoin exchange company — is exiting the crypto business for good.

The company has not released any official statement yet, but it has reportedly sold its stake in ZG.com, a Singaporean Bitcoin exchange, to a still unidentified Dubai foundation. This was reported by 21st Century Business Herald, a Chinese news agency.

In a separate report, this time, published by South China Morning Post, it says that the major reason why BTCChina decided to exit the crypto business is because of the Chinese government’s intensifying crypto crackdowns.

Unlike other companies who chose to migrate to more crypto-friendly countries, BTCChina has taken a completely different route by entirely leaving the business.

BTCChina and ZG.com

BTCChina was established in 2011 by Huang Xiaoyu and Yang Linke, but the Bitcoin exchange company was forced to stop its operations in 2017 because of the crypto ban in the country.

The founders sold the company’s exchange operations to a Hong Kong-based blockchain investment fund, which retained the name “BTCC”.

ZG.com, on the other hand, describes itself as an independent crypto exchange company and has operations spanning the United States, Singapore, Seychelles (an East African country), and other nations.

Intensified crackdowns

It is clear that no one is being spared from the Chinese government’s intensifying crackdowns on crypto operations, a wide-scale effort that has forced big and small crypto miners to migrate to other countries just to continue their operations.

The government has recently uprooted crypto operations in Chinese provinces which include Xinjiang, Sichuan, Yunnan, Qinghai, and Inner Mongolia.

On top of these efforts, Chinese authorities are also strictly prohibiting crypto transactions on bank accounts.

 

Image courtesy of Cointelegraph News/YouTube

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