An unnamed Hong Kong-based blockchain investment firm has acquired China’s first Bitcoin exchange following a regulatory crackdown by Chinese officials.
BTCC, which was known as BTC China when it was founded in 2011 and run by American Bobby Lee, was purchased for undisclosed terms. The company’s three major products, BTCC Pool, Mobi and USD Exchange will be led by Denver Zhao, Mark Ma and Aaron Choi, respectively and the company will now focus exclusively on the international market.
“We now have the resources to more fully realize our vision of safeguarding and stabilizing digital currencies’ blockchains,” said Zhao, BTCC’s senior vice president of BTCC Mining Pool, according to a statement. “Going forward, we will provide better, fairer, more transparent, and more comprehensive mining services to our customers worldwide.”
“Today’s acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years,” Lee said in a post on Twitter. “I’m excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond!”
China began its clampdown on the cryptocurrency market last year by banning initial coin offerings first, and then calling on local exchanges to stop trading in cryptocurrencies. Earlier this month, China escalated its crackdown on cryptocurrency trading.
Tags: Hong Kong firm, China First Bitcoin Exchange, bitcoin, cryptocurrency, BTC China, BTCC, BTCC Mining Pool, varindia,
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