China’s Longest-Running Crypto Exchange Closes Bitcoin Business Following Crackdowns

One of China’s longest-running cryptocurrency exchanges has shut its bitcoin business as it jumps in line with the country’s latest anti-crypto crackdowns.

BTCChina, which was founded by Huang Xiaoyu and Yang Linke in 2011, said Thursday it had completely exited from business relating to bitcoin, the South China Morning Post reported.

The company’s stake in Singapore-registered bitcoin exchange was sold to a foundation in Dubai a little over a year ago, the report revealed.

Related: Is China Opting Out of Crypto? Feat. Dovey Wan

In 2018, the exchange side of BTCC was acquired by an unidentified Hong Kong-based blockchain investment fund, but continued to operate as normal for investors outside of China’s great firewall. The closure represents the final nail in the coffin for the crypto trading side of BTCC’s operations.

The company will pivot to blockchain uses outside of trading.

The move comes as China ratchets up pressure against anything…

Read more…