China's first Bitcoin exchange platform btcchina.com announced on its WeChat account on Monday that it had been acquired by an unidentified Hong Kong-based investment fund.
Bobby Lee, btcchina.com's CEO, said that the acquisition would help the company become stronger and develop its business.
The company will completely shift its focus to overseas markets and three business sectors: Bitcoin mining pools, digital assets and US dollar trading.
Btcchina.com disclosed that it had mined Bitcoin valued at nearly 0 million in 2017.
Lee didn't respond to an interview request from the Global Times on Tuesday.
The Chinese government started to crack down upon virtual currency (including Bitcoin) trading starting last year.
On September 4, several government departments released a notice that outlined the banning of initial coin offerings, a process whereby companies publicly raise virtual currencies by issuing new crypto tokens.
After the notice, domestic virtual currency trading platforms including btcchina.com phased out their virtual currency trading services.
Btcchina.com also announced in early January it would halt access to its website and its online cash withdrawal business.
Regulations on virtual currency trading are still evolving, with China planning to block domestic access to local and offshore platforms that enable centralized trading, Bloomberg reported on Monday.