The exchange, which used to be based out of China, suspended its operations when Chinese regulators made the decision to ban fundraising through initial coin offerings (ICO) in 2017. The move came after the Chinese central bank voiced concerns about the then largely popular and mostly unregulated fundraising method’s use in several financial scams. Since then, the company has moved overseas, operating out of Hong Kong with offices in Australia and the U.S.
Source: https://www.coindesk.com/tech/2022/08/04/crypto-exchange-zb-exchange-loses-nearly-5m-in-suspected-hack-pauses-withdrawals/?utm_medium=referral&utm_source=rss&utm_campaign=headlines