BTCChina Exits Bitcoin Businesses Amid Crackdown in China
Main page News, China, Cryptocurrency Exchanges, Regulations

BTCChina, one of China's largest cryptocurrency exchange, has closed bitcoin-related businesses after China intensified its crackdown on bitcoin (EXANTE: Bitcoin) mining, the South China Morning Post reports.

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The exchange said it had also sold its stake in the Singapore-based bitcoin exchange to an undisclosed foundation in Dubai in May 2020. BTCChina says it decided to close the business due to Beijing's new policy.

With that being said, BTCC announced its services remain unimpacted "for now" as it does not provide trading of cryptocurrencies, but derivatives of cryptocurrencies. From now on, BTCChina will focus on other uses of the blockchain technology.

Bitmain Suspends Sales as China Banned Crypto Mining

As iHodl earlier reported, Chinese Vice Premier, Liu He, called for more regulation on the cryptocurrency mining market in order to protect the financial system. Later, the People's Bank of China (PBoC), ordered domestic banks not to facilitate any cryptocurrency transactions.

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