China’s first bitcoin exchange has reportedly shut down operations after the government ordered the Beijing-based company to stop trading virtual currencies. OKCoin said on its official Weibo account on Tuesday that the government ordered its closure, according to a site called financial news.
It has been reported that the operator of the first Bitcoin exchange in China, Huobi, has closed down his exchange and will no longer operate it. According to a Bloomberg report, the operator of the exchange, Changpeng Zhao, a former chief executive of OKCoin, exited the field due to the regulatory crackdown and the poor performance of the exchange.
As Bitcoin popularity and user numbers continue to grow, so do the risks associated with circulating the world’s first and most popular digital currency. Reports have emerged that the operator of China’s first Bitcoin exchange, BTC China, has decided to shutter the business after only two years in operation. “Coinbase” has been around since 2012, starting off as a small operation that helped facilitate trading for the cryptocurrency, but has grown to become the world’s most popular Bitcoin exchange. The US-based company was started by Brian Armstrong, who is a former employee of a payment processor and co-founder of a small Bitcoin exchange called “Mt. Gox”.. Read more about when did bitcoin come out and let us know what you think.
BTCChina, the operator of China’s oldest bitcoin (BTC) exchange, is no longer in the crypto business, according to reports.
The company has sold its stake in Singapore-listed bitcoin exchange ZG.com to an undisclosed Dubai-based fund, Chinese news agency The 21st Century Business Herald reported recently.
According to the report, ZG.com is a fully independent cryptocurrency exchange with registrations in the United States, Singapore, Estonia, Seychelles and other countries. BTCChina reportedly invested in ZG.com in January 2019.
According to a report by the South China Morning Post, BTCChina said it was withdrawing from the bitcoin business in response to the Chinese government’s policy of cracking down on cryptocurrency mining and related activities in the country en masse.
Founded in 2011 by Huang Xiaoyu and Yang Linke, BTCChina was forced to stop trading cryptocurrencies in October 2017 after the Chinese government banned cryptocurrency trading. The company then sold its exchange business to a Hong Kong-based blockchain investment fund. The exchange continued to operate under the BTCC name, except for customers with Chinese IP addresses.
BTCC’s post-sale activities have led to speculation that it was linked to BTCChina and that Young still controls the exchange – claims the company denies.
The BTCC announced last week that it was not affected by the Chinese crackdown on cryptocurrencies. BTCC is not currently affected because it does not trade in cryptocurrencies but in derivatives, she said.
Related: China’s crackdown means bitcoin works, according to one crypto-currency miner.
ZG.com and BTCC did not immediately respond to Cointelegraph’s request for comment.
In recent months, the Chinese government has stepped up measures against cryptocurrencies, leading to numerous closures of major cryptocurrency mining centers in the country, including in provinces such as Sichuan, Yunnan, Xinjiang, Inner Mongolia and Qinghai. Moreover, major Chinese banks, such as the Agricultural Bank of China, have confirmed that Chinese authorities are going to ban all cryptocurrency transactions from bank accounts in China.
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