SHANGHAI, Aug. 20, 2018 /PRNewswire/ -- BTCChina's legal representative Richard Zhu on August 17, 2018, clarified that BTCChina is not affiliated with BTCC, and that "BTCC" is not an abbreviation of BTCChina.
In response to recent news reports that BTCChina, China's first and longest-running cryptocurrency exchange, had issued a token, Zhu clarified that BTCChina has not issued a utility token. Utility tokens or "initial coin offerings" are when cryptocurrency businesses sell digital tokens to raise money for their projects.
Zhu said BTCChina did not take part in the issuance of the "BTCC Token" and did not endorse it.
BTCChina ran the first China-based cryptocurrency exchange, from 2011 to 2017, according to Zhu. The BTCChina exchange shut down on September 30th, 2017, he said, and BTCChina no longer runs a cryptocurrency exchange or business.
Zhu further clarified that BTCChina was part of the BTCC Group Company. In early 2018, the BTCC Group Company was acquired by a Hong Kong-based investment company. BTCChina was not acquired; it is no longer affiliated with BTCC, he said.
Zhu further pointed out that BTCChina and BTCC do not share any employees, managers, board members, shareholders, or ultimate beneficial owners. He also noted that Bobby Lee is not an employee, manager, board member, shareholder, or ultimate beneficial owner of BTCC.
"BTCChina opposes any attempts to mischaracterize its business or associate its brand or name with unrelated companies," said Zhu.
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