Bitcoin startup BTCC, China's first Bitcoin exchange, has been acquired by Hong Kong blockchain investment fund, the company said in a statement. The move comes amid the ongoing regulatory crackdown on cryptocurrencies by Chinese officials. The terms of the deal were not disclosed.
According to BTCC, the acquisition helps it grow its International market and its three major products, BTCC mining Pool, Mobi bitcoin wallet and a USD/BTC exchange service.
Bobby Lee, BTCC's co-founder, said, "Today's acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years. I'm excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond!"
BTCC's DAX cryptocurrency exchange is no longer in operation after Chinese officials forced the closure of all local exchanges trading in cryptocurrencies.
As the demand for cryptocurrencies surged with highly volatile pricing, China began its clampdown on the market last year by banning initial coin offerings first.
Earlier this month, China, one of the major crypto markets, stepped up its crackdown on the digital currency market, alleging excessive speculation that could eventually end in the bursting of an asset bubble. Chinese authorities plan to block domestic access to online platforms and mobile apps that offer exchange-like services.
Various governments are initiating steps to regulate such currencies over concerns that these unregulated and decentralized currencies would facilitate money laundering and would be used to fund criminal activities such as drug-dealing and terrorism.
Regulators around the world are closely watching cryptocurrencies amid concerns over excessive speculation, money laundering and tax evasion, which led to increased volatility in global markets for bitcoin and other digital tokens since November.
BTCC, known as BTC China when it was founded in 2011, said it now aims to lead every segment of the digital currency ecosystem, including the pool, payments, and exchange businesses.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.