New Crypto Exchange To Launch In Hong Kong After China Bans Trading

Hong Kong is the latest market to lose a major crypto exchange this week, with popular Chinese exchange BTCC announcing that it will be closing down and relocating operations to the UK.

According to information from the South China Morning Post, BTCC said it cannot guarantee banking support from mainland China or Hong Kong.

The news comes after China banned all cryptocurrency trading on national exchanges, including those on the mainland. This has resulted in several highly profitable exchanges shutting down their services in the past few days.

The South China Morning Post report claims that BTCC's decision to move operations out of China is not a big surprise as it has been moving its staff out of Hong Kong for many years. The exchange is also said to have opened an office in London as part of its efforts to stay afloat despite the ban.