Chinese exchange BTCC stops Bitcoin trading due to new government bans – Bits Media

One of the oldest cryptocurrency exchanges in China, BTCC, has stopped all operations with bitcoin amid further regulatory restrictions, imposed by the government.

BTCC exchange founded by Huang Xiaoyu (Huang Xiaoyu) and Jan Linke (Yang Linke) in 2011 year. Company share in Singapore-listed ZG.com was sold to a foundation in Dubai just over a year ago. IN 2018 BTCC was acquired by an investment fund from Hong Kong. In the same year, the exchange closed its mining pool.

At the end of last week, the BTCC administration said, that the site completely refuses to conduct operations with bitcoin and will switch to using the blockchain outside of trading. BTCC Announces Its Decision Amid Increasing Pressure From China On The Cryptocurrency Industry, including mining and trading.

Although this is not the first time, when exchanges have to deal with cryptocurrency-related bans, the latest actions of the authorities cause concern among the representatives of the sector.

Recall, that a week ago, the Central Bank of China ordered banks and financial institutions to stop serving customers, working with cryptocurrencies. The regulator's instruction was immediately followed by the Agricultural Bank of China.

China's regulators have launched widespread pressure on the industry following statements from the Committee on Financial Stability and Development of China about a possible ban on mining and cryptocurrency trading. So, At the beginning of the month, Chinese state media already warned the public about the risks of investing in cryptocurrencies.