It began like this: officials from the People's Bank of China stepped into the offices of the largest crypto exchanges in the country and sat down with their executives.
From the financial regulator's Shanghai and Beijing bureaus, the officials told the exchanges they were interested in identifying whether anti-money laundering and capital control mandates were being met.
But according to Robin Zhu, chief operating officer at Huobi, the regulators had an ulterior motive that January day.
"The regulator wanted to grab a big picture of how significant cryptocurrency trading was in China - how does bitcoin work; where does the money come from; where does it go to; how do people make and lose money?" Zhu said.
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