BTCC Exchange Shuts Its Doors

     Bitcoin exchange BTCC has closed its CNY trading platform in compliance with the China ICO ban, marking the end of an era for the bitcoin community both inside and outside of China.

     Following the China ICO ban, regulators reportedly instructed domestic bitcoin exchanges they must voluntarily shut down their trading platforms. The Shanghai-based BTCC announced on September 14 that it would close trading on September 30, making it the first exchange to do so. On September 27, BTCC stopped accepting deposits, and Saturday it officially flipped the switch on its order-book exchange.

     Although BTCC’s operations in mainland China are winding down, the company will continue to operate elsewhere. BTCC’s USD and DAX exchanges, as well as its mining pool and other company operations, will function as normal.

     BTCC CEO Bobby Lee took to Twitter to commemorate the end of BTCC’s record-setting run: “We started as China’s 1st bitcoin exchange. Back then, BTC price was just CNY ¥150,” he wrote. At present exchange rates, that is just $22.60, meaning that bitcoin has appreciated by more than 19,000% in the intervening years.

     As a final note, Lee also said “Wish we could have bought some more”.

149 points

Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Get the best crypto news straight into your inbox!

Written by Brad Chillum

China has no real impact on bitcoin

South Korea considers tax on cryptocurrencies