China’s First Bitcoin Exchange BTCChina Sold Its Stake In ZG.com

The operator of the first Bitcoin exchange in China, BTCChina has reportedly sold its stake in ZG.com, a Bitcoin exchange registered in Singapore. In accordance with some reports, the oldest operator in China is no longer part of the crypto business.

Bitcoin Exchange BTCChina Sold Its Stake in ZG.com

The 21st Century Business Herald, a Chinese news agency recently reported that the company sold its stake in ZG.com, the Bitcoin exchange that has its base in Singapore.

In accordance with the report, ZG.com is a fully independent crypto exchange business with registrations in major countries such as Estonia, Seychelles, Singapore, and United States. 

Moreover, the report mentioned that BTCChina has reportedly invested in the Swiss-based Bitcoin exchange in the month of January of the year 2019.

BTCChina revealed in a report by the South China Morning Post that it is taking an exit from the crypto business in response to the major crackdown on crypto mining and other activities in the country. 

In addition to this, BTCC made an announcement last week that the firm was not affected by the crypto crackdown in the country and said:

“BTCC is not impacted for now because BTCC doesn’t provide trading of cryptocurrencies, but derivatives of cryptocurrencies.” 

China’s Crypto Crackdown and Closure of Mining Hubs

The recent tightening on the crypto business in China has led to the closures of many crypto mining firms in the country in regions including, Inner Mongolia, Qinghai, Xinjiang, Yunnan, and Sichuan.

Along with this, it has been confirmed by the major Chinese banks such as the Agricultural Bank of China that the Chinese authorities have been moving ahead to ban any transaction that is related to cryptocurrencies on the bank accounts in the country as well.

As of now, both the firms have refused to reveal further on the matter.