General Process for Opening a Cryptocurrency Account and Security Recommendations
For users looking to enter the cryptocurrency market, opening a secure and reliable virtual currency trading account is the first step. Below is the general account opening process and key considerations:
- Choose a Trading Platform: Prioritize mainstream cryptocurrency exchanges with a good reputation, high security, a rich selection of trading pairs, and a user-friendly interface. Before making a choice, it is advisable to research the platform's fee structure, liquidity, and user reviews.
- Register an Account: Registration is typically completed via email or mobile number. Be sure to use a secure email address or phone number that has not been compromised.
- Set a Strong Password and Two-Factor Authentication (2FA): Create a complex and unique strong password. Immediately enable two-factor authentication (such as Google Authenticator or SMS verification code) after registration, as this is a critical measure to protect account security.
- Complete Identity Verification (KYC): Most compliant exchanges require users to complete the "Know Your Customer" (KYC) process. This typically involves providing identity documents (such as a passport, ID card), proof of address, and may require facial recognition. This step aims to comply with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.
- Deposit and Trade: After completing the above steps, you can deposit fiat currency or cryptocurrency via bank transfer, credit card, or peer-to-peer (P2P) trading, and start trading.
Examples of Mainstream Trading Platforms:
There are numerous well-known cryptocurrency trading platforms globally, such as:
- Binance: One of the leading platforms in terms of global trading volume, offering a wide range of trading products.
- OKX: Another globally renowned digital asset trading platform, also offering Web3 Wallet and other services.
- BTCC: As a cryptocurrency exchange with a longer operating history, it holds cryptocurrency financial licenses in some countries and regions.
- Coinbase: A publicly traded company that excels in compliance, supporting trading of various cryptocurrencies.
Please note that some countries and regions may have restrictions on the use of cryptocurrency trading platforms. Users must comply with local laws and regulations and refer to official platform announcements.
Historical Evolution and Asset Disposition of Bitcoin China (BTC China)
Bitcoin China (BTC China) was once a significant participant in the cryptocurrency market in China and globally. Established in June 2011, it was China's first Bitcoin exchange and, in October 2014, briefly became the second-largest exchange by trading volume worldwide.
However, in September 2017, in response to the "Announcement on Preventing Risks of Token Issuance Financing" issued by Chinese regulatory authorities, Bitcoin China announced the cessation of all trading operations. The specific timeline is as follows:
- September 27, 2017, 12:00 PM: Digital asset and RMB deposit functions were closed.
- September 30, 2017, 12:00 PM: All trading functions were stopped.
- October 30, 2017, 12:00 PM: The final deadline for withdrawing digital assets and RMB from the platform.
At that time, the platform advised users to convert digital assets into RMB and withdraw them as soon as possible.
Subsequent Developments and Asset Transfer:
After the introduction of Chinese regulatory policies in 2017, the original "Bitcoin China" business underwent a split and transformation:
- BTCC Exchange (btcc.com): A portion of the original Bitcoin China's cryptocurrency business was acquired by a Hong Kong blockchain investment fund in 2018 and transformed into a new derivatives exchange, which is the current BTCC Exchange (btcc.com). This platform is currently not accessible to IPs within mainland China. For users who kept their assets on this transformed BTCC Exchange after the policy adjustments in 2017, they can withdraw their cryptocurrencies to other mainstream exchanges or personal wallets.
- Other Business Transformations: Another part of the business was acquired by individual investor Yang Linke in 2019 and transformed into an enterprise providing blockchain technology services to the real economy, announcing its complete withdrawal from cryptocurrency trading business in June 2021.
For users who failed to withdraw assets from the original Bitcoin China platform in 2017, their assets may have been cleared or transferred according to the announcements at that time. Given the time elapsed, users are advised to consult the official announcements from that year or contact relevant parties for specific information. Currently, Bitcoin (BTC) can be traded on the following mainstream trading platforms: BTCC, CoinUp.io, Pionex, Azbit, BitDelta, Binance, KCEX, BloFin, Hotcoin, Tapbit, Ourbit, DigiFinex, MEXC, WEEX, Toobit, etc.
The platform information for sale in the text changes with the listing and delisting dynamics of each exchange. Please refer to the official announcements of the exchanges.
