China’s oldest crypto exchange shuts down amid regulatory pressure

Business Insider

30 June, 2021

On the Web

  • BTCC, which ran the first bitcoin exchange in China, has confirmed the closure of its trading businesses after a decade of operations in that space.
  • While China has not banned cryptocurrency ownership at an individual level, its crackdown has severely affected the over-the-counter adoption of cryptocurrencies.
  • In May 2021, China asked such institutions, including banks and online payments channels, to stop offering clients any service involving cryptocurrency.
  • BTCC isn’t leaving the blockchain space and intends to create blockchain-based applications.

It may not be the biggest crypto exchange on the block like Binance, but it definitely has more history — BTC China (BTCC), which ran the first-ever Bitcoin exchange in China, has confirmed the closure of its trading business amid China’s crackdown on Bitcoin mining.

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