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June 24, 2021

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BTC China quits crypto business

BTC China, China’s first cryptocurrency trading platform founded in 2011, announced yesterday that it was quitting the business to “obey regulation rules.”

Instead, it will turn to blockchain technology research and applications and overseas cryptocurrency trading through investment.

This follows China’s announcement that it would crack down on cryptocurrency trading, with the central bank summoning banks and payment institutions this week, asking them to strictly supervise cryptocurrency trading.

It urged thorough checks on clients’ accounts to identify those involved in cryptocurrency transactions, and promptly cut their payment channels.

China’s stringent action has led to a slump in the prices of some of the world’s major cryptocurrencies.

Bitcoin prices fell below US$30,000 for the first time this year on Tuesday night, half of its US$65,000 peak several months ago.

Bitcoin slumped more than 10 percent to about US$29,000 but rebounded to US$34,000 yesterday afternoon while analysts warned of “volatile streak” risks.

Nasdaq-listed Canaan, which produces mining machines for cryptocurrencies, including Bitcoin, dropped 5.85 percent to close at US$7.89 on Tuesday, compared with its three-month US$40 peak.

Cannan and other mining machine vendors have agreements in overseas markets, such as Kazakhstan, according to industry officials.


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