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Reporter: An international exchange that accepts bitcoin, Ethereum and other cryptocurrencies is getting a new name.
CoinMarketCap.com, which is owned by Chinese state-owned Xinhua News Agency, has been forced to change its name to China Digital Currency Exchange Group Inc. (CDEG).
CoinMarketCars.com will continue to accept bitcoin and other cryptocurrency.
CDEG is the name of a bitcoin exchange in China that has been in the news recently after a report that it was being used by drug cartels.
Xinhua also reported that drug cartels were using CDEg to move drugs through Mexico.
The report also detailed a case in which a CDEgg trader was arrested for allegedly transferring more than $1 million in bitcoin to an undercover DEA agent posing as a drug dealer.
Com’s executive director and managing director, Kevin Miao, told us, “We were not able to respond to the report and have taken the necessary steps to change the name to better reflect the business.”
He said the company is also changing its website so it is clear the name is not associated with CDEeg.
“We believe this name change is in the best interest of the public and is consistent with CoinMarketcap.com’s core values and principles,” he said.
The CDEght website, as it currently stands, says it was founded in 2013.
It has been the world’s largest cryptocurrency exchange since 2013, and it was the first bitcoin exchange to launch a mobile app in 2017.
It was also the first to offer bitcoin trading in the U.S. CEEg is the third-largest cryptocurrency exchange in the world, and is based in Beijing.
The company also operates a digital wallet service, which allows users to buy and sell bitcoin, Ether and other digital currencies.
Miao said CDEgs team is looking into ways to continue offering the bitcoin exchange service, but declined to elaborate.