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Bitcoin Mining-Rig Maker Ebang Registers Crypto Exchange in Australia
Ebang started the registration process back in 2020.
Updated May 11, 2023, 7:12 p.m. Published Feb 11, 2022, 3:00 p.m. 1 min read
Chinese bitcoin mining-rig maker Ebang (Nasdaq: EBON) registered a crypto exchange with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- Approval of the registration of Ebang's wholly owned subsidiary, Ebonex Australia, as a digital currency exchange (DCE) was completed on Dec. 3, 2021, according to a Thursday press release.
- Ebang stock was up 14% in yesterday's trading on the Nasdaq, though it has lost 42% of its value in the past six months.
- The approval "will add substantial value" to the company's growth and is bringing it closer to becoming a "diversified and vertically integrated blockchain company," Dong Hu, chairman and CEO, said in the press release.
- Hangzhou, China-based Ebang set up the subsidiary and started the registration process in October 2020.
- The registration has to be renewed every three years, according to the AUSTRAC website.
Read more: Bitcoin Mining Machine Maker Ebang to Launch Crypto Exchange in 2021; Shares Rise
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- The U.S. seized about $1 billion in cryptocurrency tied to Iran as part of a campaign to cut off funding channels used by Tehran.
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