BTCChina (now BTCC), based in Shanghai, was the world’s second largest bitcoin exchange by volume as of October 2014. Founded in June 2011, it was China’s first bitcoin exchange, and most of its customers are thought to be Chinese. In November 2013, the company had grown to 20 employees. It announced on 14 September 2017 that it was suspending trading as of 30 September 2017.
Chinese BTCC was registered in Hong Kong, Kowloon city and has been operating since 2011. The activity of the exchange was high until fatal 2013, when in December, the Chinese government at the legislative level banned the use of cryptocurrencies, as well as any operations with them on the territory of the country. The sanctions hit and the BTCC.
Company CEO Bobby Lee approached the then two-person company in early 2013, and after investing his own money and attracting investors, oversaw the company’s rapid expansion and marketshare growth by the end of the year. The Stanford University computer science graduate, whose brother founded the cryptocurrency Litecoin, previously worked for Yahoo! in the United States, and for Walmart China as Vice President of Technology.
In November 2013, BTCChina raised $5 million in Series A funding from investors Lightspeed China Partners and Lightspeed Venture Partners.
On 18 December 2013, BTCChina announced that it was temporarily suspending acceptance of Chinese yuan deposits, attributing the decision to government regulations, following a 5 December statement from the People’s Bank of China (PBOC). On 30 January 2014, the exchange resumed accepting yuan deposits, after further studying the PBOC statement and other rules. While the PBOC prohibited banks from trading in Bitcoin, BTCChina explained that they were accepting yuan into their corporate bank account, and transferring that money to their customer accounts, before it was traded for bitcoins.
BTCC exchange is one of the most popular in China and this is due to the fact that it allows not only to exchange cryptocurrency in several markets, but also to engage in its mining. And this is only part of the opportunities that open up to the participant of this site.
Features of exchange
BTCC exchange is quite extensive and offers several layouts for various operations:
- CMY Spot Exchange Market (BTC China) – a platform that involves working exclusively with the Chinese yuan. The exchange offers several services for clients, among which there are, for example, exchange operations. At the head of the currency pair is, of course, the Chinese yuan. There are six currency pairs in total, which include CNY – BTC/CNY, LTC/CNY, ETH/CRY, ICON/CRY, BBC/CNN.
- USD Exchange Account on this site does are hard at work on the exchange of crypto-currencies to the US dollar. For the convenience of conducting trading and exchange operations, the platform developers have implemented more than 100 indicators that allow more accurate market research. However, this luxury is presented in the advanced user terminal (Advance). For those who are at the beginner level (Basic), the trade schedule is more simplified.
- BTCC Pro offers users to try margin trading of cryptocurrency pairs which include the USD. There is leverage, which to some extent increases the risks of the trader, but also makes it possible to work with a significant Deposit than is actually on the account of the trader. In short, BTCC Pro is suitable for those who have some experience in this field. The only point – the platform is presented in Beta version.
- BTCC DAX at the stock exchange operations with Ethereum Classic (ETC), Ethereum (ETC) and a new branch of Bitcoin – Bitcoin to Cash (BCC). It is possible to trade cryptocurrency pairs such as ETC/BTC E/BTC and BTC/BTC. Withdrawal of funds from this exchange is currently limited to 20 BTC per day, and therefore large players may feel some discomfort with the withdrawal of funds in the event of a significant profit. These limits are unlikely to hinder small and medium-sized speculators.