Chinese financial News; According to the development reported by Chinese financial media 21jingji.com, China’s first and longest-running cryptocurrency exchange BTCChina has announced that it has quit its cryptocurrency trading business, reporting that it has been hurt by the country’s latest policy.
According to media reports, BTCChina’s share in Singaporean cryptocurrency exchange ZG.COM was acquired by a foundation in Dubai. However, the detailed terms of the agreement were not disclosed.
had a history of 10 years
Founded in Shanghai in 2011, BTCChina was one of the world’s leading digital asset trading platforms.
Bitcoin price dropped below $30,000 on Tuesday, its lowest level since Jan. The wave of fear among investors continues to grow exponentially.
The drop came especially after China’s central bank ordered the country’s leading financial institutions to “stop facilitating crypto transactions” on Monday.
China’s repressive stance on cryptocurrencies escalates
The People’s Bank of China on Monday held talks with a number of Chinese banks and payment institutions over cryptocurrency trading speculation, asking them to scan the capital accounts of cryptocurrency exchanges and over-the-counter merchants, cutting off the relevant payment connections. The central bank has thus made a critical move in terms of a comprehensive cleanup of cryptocurrency transactions in the country.
Many Bitcoin mining farms in Southwest China’s Sichuan Province, formerly one of China’s largest cryptocurrency mining bases, have been shut down amid intense nationwide pressure from local authorities against cryptocurrency mining.