- A Hong Kong based firm acquires and rebrands the BTC China to BTCC.
- The excessive control by the country’s central bank is to blame for the failure of BTC China.
- Beta launch of services set to begin later in October, however, an official debut will wait for November.
BTCC is set to strike the market again after its closure in September 2017. The firm, formerly known as BTC China intends to launch trading services in South Korea with perquisites such as mining pool, wallet service, and an enabled customer payment platform.
BTCC reportedly intends to launch beta-trading services in the Korean market later in the month but the official commencement will happen in November. According to their website, Lee Ja –beom will head the South Korean office.
“BTCC will be able to present a new strategy and vision of crypto exchanges.”
Why the Launch Took this Long?
BTC China began operations in 2011 and were among the top three best performing crypto trading firms in China. However, following intense pressure and control from the country’s central bank in a crypto exchange crackdown forced the firm to close down its operations.
Earlier this year, in January, the company published a blog post announcing that a Hong Kong based firm had acquired it. Bobby Lee, co-founder of BTCC expressed his excitement and confidence towards the direction of the firm.
“I am very excited about the resources this gives BTCC to move faster and aggressively grow.”
The Company’s Future Plans
The company’s struggle to grow has been that of pillar to post following legislation changes that banned crypto trading in China. BTCC has since moved its headquarters to Hong Kong. The re-branded firm intends to focus on BTCC mining pool, and mobi wallet apps, before the trading platform in July.
There are plans to make changes in the law to classify crypto assets and brokerages and have them be recognized by financial institutions instead of the former communication vendors.
On the other hand, there is an anticipated announcement following a decision on possibly amending South Korea’s ban on Initial Coin Offerings (ICOs). The officials have been deliberating over the ICO ban that has been on since November last year.