It was only a matter of time before Bobby Lee, CEO of China’s longest-running Bitcoin exchange, found himself in the crosshairs of Chinese regulators. His exchange, BTCC, had occupied a gray area of Chinese law, neither licensed nor explicitly illegal.
Bitcoin is a decentralized digital currency that can be sent electronically around the world, and its growing popularity made Chinese authorities nervous. In 2016, most Bitcoin trades worldwide were in Chinese yuan.
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