The Chinese crypto-exchange BTCChina denied communication with the company BTCC and its token

The Chinese crypto-exchange BTCChina denied communication with the company BTCC and its token

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The first Chinese cryptocurrency exchange BTCChina reported that at present they have nothing to do with BTCC. This is written by Cryptovest.

The statement of BTCChina was a response to reports that the first crypto-exchange of China releases its own token. However, the legal representative of the exchange, Richard Zhu, said that his company did not issue any utility-tokens and moreover – in the near future nothing like this is going to do.

“Utility-tokens or ICO is when a cryptocurrency company sells digital tokens to attract money for its projects,” the statement said.

According to Zhu, BTCChina does not participate in the issue of the BTCC token and does not advertise it.

He added that BTCChina is the first crypto-exchange founded in China, which operated from 2011 to 2017. September 30, 2017, the company terminated operations on the exchange of cryptocurrency due to the ban imposed by the Chinese authorities on such operations. According to Zhu, BTCChina no longer manages the crypto-exchange.

In September last year, the Chinese government introduced a ban on exchange transactions with cryptocurrencies, as well as over-the-counter crypto-trading and crypto-trading with P2P platforms. This decision hit hard on local crypto-traders and investors.

“BTCChina opposes any attempts to falsify its business or associate its brand/name with companies that have nothing to do with it,” Zhu said.

He added that BTCChina was once part of the BTCC Group Company, which was bought by a Hong Kong investment firm. However, BTCChina did not participate in this purchase and therefore has nothing to do with BTCC.

According to Zhu, BTCChina and BTCC are different organizations in which different managers and employees work. In addition, firms have different shareholders, boards of directors and beneficiaries.

In early July, Twitter user Mia Tam hinted that the BTCChina exchange, which had been idle for 9 months, might soon resume its work:

“The oldest BTCC exchange in the world, formerly known as BTC China, said on Monday that after 9 months of rest from cryptocurrency again launches its exchange platform. The renewed exchange from BTCC will support the exchange of cryptocurrency for Fiat, as well as the exchange between the cryptocurrencies.”

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