One of the oldest cryptocurrency exchange BTCChina service provider in China has refused any affiliation or link with BTCC and explained that BTCC is not the contraction of BTCChina. The clarification was issued in response to news reports that the country’s first and largest serving digital currency exchange had delivered a token. But Richard Zhu, an authorized representative for BTCChina, stated that the company has not unconfined any utility coins and is not preparing on distributing one any time soon.
As per Zhu, the tokens or ‘initial coin offerings’ are cryptocurrency trades sell digital tokens to raise money for their project. Zhu said BTCChina is not a party to the issuance of the “BTCC Token” and is not endorsing the token.
He further added BTCChina was the first cryptocurrency exchange based in China and operated from 2011 till 2017. After the Chinese government issued a crackdown on cryptocurrency operations, the company locked its digital exchange operations starting on September 30, 2017. It was even confirmed that this oldest cryptocurrency exchange BTCChina is not even functioning its virtual currency exchange or business.
The Chinese government had recently announced in September 2017 a ban on cryptocurrency exchange processes, as well as stop over-the-counter or P2P crypto trading. The announcement was an important blow to Chinese crypto traders and investors.
As BTCChina used to be a part of the BTCC Group Company, which was learned by a Hong Kong-based investment firm. Zhu noted that BTCC and BTCChina both maintain their separate organizations and employ different managers and employees. The two companies also have separate shareholders, board members, and even helpful owners.
As news revealed in BTC Manager, oldest cryptocurrency exchange BTCChina, which was on a break from cryptocurrency for a while, has recently announced that it is launching its exchange platform. The refurbished exchange from BTCC will support the only crypto to fiat exchange[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]