Asia Stock Markets
China’s first Bitcoin exchange said it has been acquired a by unnamed
Hong Kong-based blockchain investment fund after a regulatory crackdown
by Chinese officials.
BTCC, which was known as BTC China when it was founded in 2011 and run by American Bobby Lee, was purchased for undisclosed terms.
The company will now focus exclusively on the international market and its three major products, BTCC Pool, Mobi and USD Exchange, which will be led by Denver Zhao, Mark Ma and Aaron Choi, respectively.
Earlier this month, China escalated its crackdown on cryptocurrency trading. Officials plan to to block domestic access to local and offshore platforms that enable centralized trading.
China began its clampdown on the market last year by banning initial coin offerings first, and then calling on local exchanges to stop trading in cryptocurrencies.
The move will allow the company to expand into international markets following mainland China’s crackdown on all things cryptocurrency.
Founded in 2011, BTCC was China’s oldest bitcoin exchange until it was forced to close its doors in September because of China’s ban on exchanges.
Following the ban, the company shifted to bitcoin-related services, including running a bitcoin mining pool and providing wallet services.
But with China threatening to crack down further on any services related to cryptocurrency, including potentially mining, that may not have been a viable long-term business plan either, at least within China.
With the acquisition, the company will take its past experience and technology global. It had already registered in the U.K. and to offer bitcoin-to-U.S. dollar trading.
Although the Hong Kong blockchain investment fund that acquired BTCC was not named, there is a surprising reason behind that.
According to Calvin Cheng, a Singaporean businessman and former Singaporean parliamentarian who advises the investment fund, the fund hasn’t “thought of an English name!”
BTCC, which was known as BTC China when it was founded in 2011 and run by American Bobby Lee, was purchased for undisclosed terms.
The company will now focus exclusively on the international market and its three major products, BTCC Pool, Mobi and USD Exchange, which will be led by Denver Zhao, Mark Ma and Aaron Choi, respectively.
Earlier this month, China escalated its crackdown on cryptocurrency trading. Officials plan to to block domestic access to local and offshore platforms that enable centralized trading.
China began its clampdown on the market last year by banning initial coin offerings first, and then calling on local exchanges to stop trading in cryptocurrencies.
The move will allow the company to expand into international markets following mainland China’s crackdown on all things cryptocurrency.
Founded in 2011, BTCC was China’s oldest bitcoin exchange until it was forced to close its doors in September because of China’s ban on exchanges.
Following the ban, the company shifted to bitcoin-related services, including running a bitcoin mining pool and providing wallet services.
But with China threatening to crack down further on any services related to cryptocurrency, including potentially mining, that may not have been a viable long-term business plan either, at least within China.
With the acquisition, the company will take its past experience and technology global. It had already registered in the U.K. and to offer bitcoin-to-U.S. dollar trading.
Although the Hong Kong blockchain investment fund that acquired BTCC was not named, there is a surprising reason behind that.
According to Calvin Cheng, a Singaporean businessman and former Singaporean parliamentarian who advises the investment fund, the fund hasn’t “thought of an English name!”
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