BTCChina has reportedly sold its stake in the Singapore-registered Bitcoin exchange ZG.com
BTCChina, the operator of China’s oldest Bitcoin (BTC) exchange, is no longer in the crypto business, according to some reports.
The company sold its stake in the Singapore-registered Bitcoin exchange ZG.com to an unidentified foundation in Dubai, Chinese news agency The 21st Century Business Herald recently reported.
According to the report, ZG.com is a completely independent crypto exchange business with registrations in the United States, Singapore, Estonia, Seychelles and other countries. BTCChina reportedly invested in ZG.com in January 2019.
According to a report by the South China Morning Post, BTCChina said that it was exiting the Bitcoin business “in response to the Chinese government’s policy,” alluding to the major crackdown on crypto mining activity and related activities in the country.