Tag: BTCC

Categories
Crypto News

BTCC Crypto Exchange, the First Bitcoin (BTC) Exchange In China, Plans to Relaunch in South Korea

China’s first Bitcoin (BTC) exchange, BTCC, formerly known as BTC China, is ready to launch new trading services in South Korea, as The Investor reported yesterday, October 16th. BTCC, currently based in Hong Kong, will begin marketing its facilities in South Korea later this month via a Beta phase, while it would make its official debut in November.

According to BTCC’s website, the South Korean service, headed by Lee Jae-Beom, would comprise a new crypto exchange platform, a wallet service, a mining fund, and a service to enable consumer payments.

“BTCC is establishing an online/offline payment system using cryptocurrencies, and is expanding services for use in real life,” BTCC stated.

BTC China (BTCC) established in 2011 and was previously one of China’s top-three crypto exchange platforms, before intensified pressure from the country’s regulators and central bank, amid signs of imminent crypto repression, forcing BTCC to announce its closure in September 2017, while China’s national regulatory banned Initial Coin Offerings (ICOs) at the same time.

BTCC Crypto Exchange, the First Bitcoin (BTC) Exchange In China, Plans to Relaunch in South Korea in November

In January of this year, however, the company was acquired by a Hong Kong-based blockchain investment fund. Subsequently, a new BTCC project continued to develop with improvements on its mining pool and its Mobi software crypto wallet, that before relaunching its trading platform in July.

Crypto exchange platforms in South Korea have also come under considerable scrutiny by national watchdogs, which have intensified markedly in the wake of high-profile checkpoints and allegations of fraud. This year, however, China has been working to reclassify the exchanges as “crypto assets and brokerage exchanges,” thereby “recognizing them as regulated financial institutions.”

A decision is expected to be announced next month following officials’ deliberation on the possible repeal of South Korea’s ban on ICOs, which has also been in effect since September 2017. At the time of going to press, BTCC is recording about $170,000 in daily trading volumes.

Categories
Crypto News

BTCC To Relaunch Its Cryptocurrency Trading Platform And To Release The BTCC Token

BTCC announced the relaunch of its cryptocurrency trading platform today. Also, the company, which has been recognized as the oldest in the industry and one of the three largest in China until last year, will also offer its token in the future. The company is facing the obstacles posed by the Chinese authorities since September last year.

Today’s announcement indicates that the renewed cryptocurrency trading platform offers support for Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH), which can be exchanged for US Dollars.

The BTCC cryptocurrency exchange platform already comes relaunches with an advantage, since, according to InsideBitcoins most exchanges only offer trading with Bitcoin. It will also be possible to make exchanges between pairs of cryptocurrencies.

However, Aaron Choi, BTCC cryptocurrency exchange platform’s VP, estimates that the offer of cryptos will be limited to the top 10 of the cryptocurrencies market.

The relaunch of the BTCC cryptocurrency trading platform has been presented with a series of benefits to encourage the use of the platform. For example, exemption from paying fees for the first three months. Also, BTCC will offer a type of reward in points that can be exchanged for the BTCC token that could be launched in the coming months, although no specific schedule has been established for its release date.

BTCC to relaunch its cryptocurrency trading platform, plus the new BTCC token, after suspending crypto exchange operations in 2017

During September 2017, BTCC had to suspend its operations due to the cryptocurrency regulatory measures adopted by the Chinese government, which interceded with the demands of the People’s Bank of China, restricting the commercialization of crypto coins in the cryptocurrency exchange platform across China.

The company restarted operations in Hong Kong and London, as well as Huobi and OKCoin who also had to move their operations centers to other countries, but unlike these other exchange platforms, BTCC failed to position themselves firmly in the market.

In January 2018, BTCC operations were transferred to a Hong Kong investment fund focused on technology and blockchain, which since then has taken control of the mining pool, its Mobi Wallet and the BTCC cryptocurrency trading platform with the aim of repositioning it internationally.

Categories
Crypto News

BTCC Sold 49% Of Its Bitcoin (BTC) Mining Pool To Hong Kong-based Value Convergence Holdings

Value Convergence Holdings Limited of Hong Kong signed a memorandum of understanding (MOU) with BTCC Pool Limited for the acquisition of a 49% of its Bitcoin (BTC) mining pool shares. In the document, dated June 24th, the purchase price was set at 147 million Hong Kong dollars (HKD), equivalent to about $19 million.

The memorandum of understanding is not legally binding, as it makes it clear that its terms are subject to negotiation between the parties and the proposed acquisition may or may not materialize. However, some considerations are detailed, such as that the entire share package is expected to be settled through a combination of cash and shares.

Also, 30 million Hong Kong Dollars has been set aside as a “Guarantee of Profit” for Value Convergence for one year. That implies that BTCC Pool Limited will have to compensate the buyer if its profits fall below this figure.

BTCC sold 49% of its Bitcoin (BTC) mining pool shares to Hong Kong-based Value Convergence Holdings Limited

The buying firm, Value Convergence (VC) Holdings Limited, is an investment group operating in the financial services area in Hong Kong and listed on the Hong Kong Stock Exchange. VC has decided to enter the cryptocurrency world with this acquisition proposal, which it carries out through one of its subsidiaries called Initial Honour Limited.

BTCC, created in 2011, includes among its activities different areas of the crypto ecosystem, offering a cryptocurrency wallet, the Mobi wallet, a crypto exchange platform bureau, and the Bitcoin (BTC) mining pool which is currently under negotiation.

Also noteworthy, in September 2017, BTCC had to close operations after the strict prohibitions implemented in China on the cryptocurrencies market, which forced the company to move its operations out of the Asian country. Subsequently, at the end of January this year, the acquisition of the entire BTCC group by an unidentified Hong Kong investment firm was announced.

Exit mobile version