China’s Old Bitcoin Exchange Exits Crypto Business

According to reports, BTCChina sold their stakes to another Cryptocurrency exchange company ZG.com.

As we know BTCChina is the oldest Bitcoin operating website which was mainly based on Cryptocurrency derivatives trading exchange. 

But in the present time BTCChina is no longer in this field of Cryptocurrency business.

According to a report, ZG.com which is registered to run their Cryptocurrency services in the United States, Singapore, Estonia, Seychelles and other countries.

 Since ZG.com is not very popular and not known for most of the Cryptocurrency community users.

According to reports there are some old connections of ZG.com with BTCChina. 

In 2019, BTCchina reportedly Invested in ZG.com 

According to the South China Morning report, BTCChina exited the Cryptocurrency business because of the China crackdown on mining ban law.

Related: China Moving Toward national Crypto Mining Ban

And in the present time it is not easy for them to run their business under these situations. 

Huang Xiaoyu and Yang Linke, founders of BTCChina, claimed that in October 2017 they were forced to not to operate their business so they sold their exchange based operation to Hong Kong Blockchain based company.

The exchange then continued their business under the name BTCC. But there was an exception for those users who were trying to access their services on Chinese IP address.

Since it was believed by many people that, even in the present time BTCChina is controlling BTCC exchange unknowingly. But BTCChina denied.

Since last week BTCChina said that the crypto mining ban law crackdown will not influence their business. But for now probably crypto ban law crackdown is a big factor.

So now they are saying that they will not provide Cryptocurrency trading services but will continue for Cryptocurrency derivative works.

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