Benzinga | Jun 25, 2021 08:04AM EDT

Bit Brother Limited Announces Completion Of Name FromUrban Tea And Ticker Symbol; Co. Also Announces Receipt Of US MSB License

Bit Brother Limited (the "Company," "we" or "Bit Brother") (NASDAQ:BTB) is pleased to announce that effective on June 16, 2021, its name has changed from Urban Tea Inc. to Bit Brother Limited, and its ticker symbol has changed from MYT to BTB, reflecting our vision for the future to conduct business in the cryptocurrency and blockchain industry.

We are also pleased to announce that our US subsidiary, Bit Brother New York Inc. ("Bit Brother NY"), has obtained the money services business (MSB) license from the U.S. Financial Crimes Enforcement Network (FinCEN) Department of the Treasury. The MSB license issued by FinCEN allows Bit Brother NY to act as a foreign exchange dealer, money transfer agent and seller of money orders.

Mr. Xianlong Wu, CEO of Bit Brother, commented, "We are on track to roll out our cryptocurrency and blockchain business. We anticipate setting up a cryptocurrency payment system in the near future and receiving the MSB License is a milestone in our compliance efforts. We plan on continuing to work on acquiring additional State licenses and permits for money services businesses."