BTCC has announced today on 2 July 2018 that its cryptocurrency exchange has reopened, after being closed since September 2017 due to Chinese regulations that forced major Bitcoin exchanges to leave the country. BTCC is now using the USD instead of the CNY and is offering Bitcoin, Bitcoin Cash, Ethereum, and Litecoin trading pairs. Another big change is that it is headquartered in the United Kingdom, whereas it used to be based in Hong Kong.
Before its closure, the exchange claimed a world record, having facilitated 2,305 days of continuous cryptocurrency trading. BTCC was founded in June 2011 during the early days of Bitcoin and was China’s first Bitcoin exchange. BTCC is now unique in that it is a Europe-based Chinese exchange offering US dollar trading – perhaps a mix that could attract a global range of investors.
BTCC will be launching its own cryptocurrency and awarding it to users for registering, completing verification, and trading. The native cryptocurrency has not been issued yet and no timeline has been announced but when issued, it will be tradable on its exchange, automatically assigning it starting value. This follows the lead of Binance, who created a native cryptocurrency that has become one of the most popular cryptocurrencies in the world with a market cap of USD 1.6 billion.
The fact that BTCC will be rewarding cryptocurrency for trading is part of a recent spate of moves by exchanges to provide alternative trading fee structures to attract new investors. This has resulted in some creative measures, such as the “transaction fee mining” which has caused CoinBene and Bit-Z to obtain record trading volumes.
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