ViaBTC Cryptocurrencies Exchange Announced Plans to Launch Platform Outside China
Chinese cryptocurrency exchange ViaBTC has announced its intention to launch a trading platform based outside of China. The decision to establish an overseas-based platform follows announcements that the exchange will shut down operations in mainland China on September 30th.
The exchange estimates that one-third of its customers are based outside of China. ViaBTC’s chief executive, Yang Haipo, has expressed the company’s belief that expectation that “overseas users will continue to use the ViaBTC platform.” The company also issued an official statement revealing that the company would be “clos[ing]… for exchange business in mainland China on September 30th”. ViaBTC is a cryptocurrency technology company that launched in 2016. Initially, the company ran a mining pool and provided cloud mining services, before launching its exchange platform during May this year after having raised 20 million CNY ($2.9 million USD approximately) from Bitmain Technologies. ViaBTC previously stated its intention to first target China’s domestic cryptocurrency trading market before seeking to expand to target overseas customers.
Despite recent speculation that China may seek to extend its cryptocurrency crackdown to target mining, several major figures within the cryptocurrency community have refuted the rumors. Litecoin creator, Charlie Lee issued a tweet stating that “a trusted sourse says there’s no truth to China banning bitcoin mining or network.” MGT Capital’s John McAfee has also refuted the validity of rumors pertaining to a crackdown on mining, citing a private discussion with Bitmain co-founder Jihan Wu as the basis for his assessment.
“The bitcoin network is fully distributed, even if there is the great firewall, users can easily bypass this using methods like VPN,” Yang Haipo said, stating his belief that bitcoin and other cryptocurrencies will continue to be traded throughout China despite the crackdown, emphasizing the challenges associated with attempting to enforce a ban on bitcoin due to t e fluidity of virtual currencies. New announcements are expected.
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