ViaBTC to launch bitcoin exchange overseas after Beijing bans trading at home
Chinese bitcoin exchange ViaBTC plans to open an overseas platform after the government ordered the closure of all cryptocurrency exchanges on the mainland.
“A third of our customers come from outside China, and I believe these overseas users will continue to use the ViaBTC platform, so we can still provide value,” said Yang Haipo, chief executive of the exchange during a global blockchain event in Hong Kong on Thursday.
He said there was no time frame yet to relaunch the platform abroad, and urged current users to withdraw their assets before the company stops its domestic services on September 25.
“We have enough liquidity to support all of our customers’ withdrawals,” he said.
The Shenzhen-based firm announced a week ago that it would shut down its Chinese exchange business by the end of the month. Other mainland platforms such as BTCChina, OkCoin and Huobi have also said they will cease trading following Beijing’s orders.
A third of our customers come from outside China, so we can still provide value
China’s crackdown on platforms that enable trading of cryptocurrencies like bitcoin follows a ban early this month on initial coin offerings (ICOs), in which digital currencies are sold to raise capital. Regulators deemed ICOs to be an illegal form of fundraising.