says it is acquired by Hong Kong investment fund

Updated 2018-01-31 13:40:04

China's first Bitcoin exchange platform announced on its WeChat account on Monday that it had been acquired by an unidentified Hong Kong-based investment fund.

Bobby Lee,'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. 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 phased out their virtual currency trading services. 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.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 20 2018 18:29:22

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16September 20 2018 18:29:22

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 20 2018 18:29:22

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords