BTCChina, one of the country’s first digital currency exchanges, has announced in a statement that it is shutting down its trading platform following unprecedented restrictions.
to the the report CoinDesk, one of the oldest exchanges in China, has stopped trading bitcoins in line with China’s anti-digital currency approach.
South China Morning media reported in a recent report that the BTCChina Exchange, founded by Huang Xiaoyu and Yang Linke in 2011, announced on Thursday that its activities Stops trading in digital currencies.
China BTC shares in ZG Exchange, a Singapore-based exchange, have been sold to a foundation in Dubai for more than a year.
In 2018, the Bitcoin Exchange (BTCC) was acquired by a Hong Kong-based blockchain investment fund based in Hong Kong. After that, the exchange continued to provide services to its non-Chinese users. The ban on digital currency trading in China has prevented the exchange from offering its trading services. Meanwhile, the non-trading branches of China BTI continue to operate in the Blockchain.
The move seeks to increase pressure on China to crack down on digital currency activities. China believes that bitcoin mining and trading threatens the country’s sovereignty.
Although this is not the first time China has banned digital currency exchanges in its country, this time it is a matter of great concern with new pressure from Beijing on investors in the digital currency market.
Many argue that the departure of miners from China and the ban on their activities point to the ominous effects on the digital currency market. Although these effects are short-lived, digital currency activists are either forced to leave the country or accept anti-digital currency measures.