thenewscrypto.com
- BTC China (BTCC) announced its shutdown from the nation’s Bitcoin market.
- The recent exile of most miners has led to seeking refuge in Kazakhstan and Texas.
China’s one of the oldest cryptocurrency exchanges BTC China (BTCC) announced its shut down from the nation’s Bitcoin market.
Moreover, BTCC was founded by Huang Xiaoyu in 2011. However, the platform has revealed that it will close the shop and exit from business related to Bitcoin. More so, the exchange is responsible for moving the idea of crypto to many new Chinese investors. Also, BTCC claims that it contains over 80% of all crypto trading in the world. As per the South China Morning Post, BTCC also sold its stake in the Singapore-related exchange ZG.com.
BTCC also got caught up in the sweeping government bans related to cryptocurrencies and decided to call it a day. Notably, BTCC is not alone in its frustration with new regulations from the Chinese government. However, the bans by Beijing have forced a number of major exchanges such as Huobi, Binance, and Okcoin to either close shop or move operations.
BTC China will now shift its aim to other blockchain users that are not regulated by the government. Added to this, the government has explained the support for blockchain applications that will help build an advanced industrial system related to the technology. All-in-all, the company’s Hong Kong office will not get affected. However, the firm plans to develop more blockchain-related apps as part of a new plan to continue doing business in the crypto ecosystem.
Crypto Regulations Becomes the Norm in China
Beijing was busy for the last year in the fight against crypto and the assumed threat to China’s financial stability. Moreover, the nation has also expressed concerns on the crypto volatility. In addition, how that could badly impact national crypto investors.
More so, the latest bitcoin surge and crash made local and national governments worry about what is to come. This led to other things that shut down mining operations in many areas such as Inner Mongolia and Sichuan. Therefore, these prefectures are popular places for crypto miners due to their hydro and coal power resources.
Much like the restrictions on crypto trading caused many to flee China, the mining ban has had an even more impact. Some reports suggest that China, before the bans, was responsible for over 75% of the world’s crypto mining. More so, the recent exile of most of those crypto miners has led them to seek refuge in Kazakhstan and Texas.