The world of cryptocurrency runs on trust, and few platforms have built a reputation as solid as Bitcoin China—once a dominant force in the global digital asset trading ecosystem. As one of the earliest and most influential Bitcoin exchanges in Asia, Bitcoin China (BTCChina) played a pivotal role in shaping the adoption and understanding of cryptocurrencies in China and beyond.
At its peak, Bitcoin China surpassed major international platforms like Mt. Gox and BitStamp to become the world’s largest Bitcoin exchange by trading volume. The platform recorded a staggering single-day trading volume of nearly 90,000 BTC, with daily transaction values exceeding 200 million CNY (approximately $30 million USD at the time). This level of activity not only demonstrated strong market demand but also positioned China as a key player in the early days of blockchain innovation.
Leadership and Vision: The Bobby Lee Era
The driving force behind Bitcoin China’s rise was its co-founder and former CEO, Bobby Lee, a tech visionary with deep roots in Silicon Valley and global financial technology.
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Bobby Lee began his career as a software engineer at Yahoo!, where he focused on developing online communities—an early sign of his interest in decentralized digital ecosystems. In 2006, he relocated to Shanghai, China, marking the beginning of his deep involvement in the Asian tech landscape.
Before diving into cryptocurrency, Lee held several high-impact roles:
- EMC Software Engineering Director for Greater China, working on cutting-edge cloud computing and storage solutions.
- CTO of SMG Video, one of China's leading IPTV providers with one of the largest user bases in the world.
- Vice President of E-commerce Technology at Walmart China, where he helped modernize retail infrastructure using digital tools.
Educated at Stanford University with both bachelor’s and master’s degrees in Computer Science, Bobby Lee further honed his business acumen through the Global EMBA program at CEIBS (China Europe International Business School). This blend of technical expertise and strategic leadership proved instrumental in scaling Bitcoin China during its formative years.
Company Structure and Operational Excellence
Bitcoin China was operated by Shanghai Satusi Network Co., Ltd., a well-structured organization divided into nine core departments:
- Customer Service
- Technology
- Marketing
- Finance
- Audit & Supervision
- Public Affairs
- Legal
- Human Resources
- Administration
This comprehensive structure ensured robust operations, security compliance, and customer support—critical components for maintaining trust in a highly volatile and nascent market.
Key Milestones in Bitcoin China’s Journey
Bitcoin China’s timeline reflects rapid growth, innovation, and adaptation to an evolving regulatory environment.
Early Growth (2011–2012)
- June 9, 2011: Platform launch with Bitcoin priced at 150 CNY.
- May 9, 2012: Daily trading volume surpasses 2,000 BTC.
- May 27, 2012: Reaches 8,000 registered users; daily volume ranks 2nd globally.
- August 28, 2012: Introduces two-factor authentication (2FA), enhancing account security.
Market Expansion (2013)
- February 15, 2013: Price rebounds to 100 CNY after earlier volatility.
- April 10, 2013: Daily volume hits 28,600 BTC; price soars to 1,944 CNY.
- April 21, 2013: Partners with One Foundation to launch a Bitcoin donation drive for Sichuan earthquake relief, donating 15 BTC—one of the first major charitable uses of cryptocurrency in China.
- July 1, 2013: Implements zero deposit fees, boosting user engagement.
- September 3, 2013: Integrates Tenpay and online banking auto-recharge, simplifying fiat onboarding.
- October 22, 2013: Daily trading volume exceeds 50,000 BTC; price reaches 1,300 CNY, then spikes to 2,630 CNY by November.
- October 28, 2013: Launches market order trading, improving user experience.
- October 30, 2013: Featured on CCTV-2’s "Global Financial Connection", signaling growing mainstream recognition.
Diversification and Transition (2014–2018)
- March 12, 2014: Adds Litecoin trading, with cumulative trading value exceeding 30 million CNY.
- September 30, 2017: Suspends all digital asset trading services following China’s nationwide crackdown on cryptocurrency exchanges.
- January 29, 2018: Announces acquisition by a Hong Kong-based blockchain investment fund, rebranding as BTCC and shifting focus overseas.
The End of an Era — And a New Beginning
While Bitcoin China ceased domestic operations in 2017 due to regulatory pressures, its legacy endures. It laid the groundwork for crypto literacy, secure exchange practices, and blockchain entrepreneurship in one of the world’s most dynamic markets.
Today, former users and new investors alike continue exploring digital assets through compliant, global platforms that prioritize security and innovation.
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Frequently Asked Questions (FAQ)
Q: What happened to Bitcoin China after 2017?
A: Following China’s ban on cryptocurrency exchanges in September 2017, Bitcoin China suspended all trading activities. In early 2018, it was acquired by a Hong Kong-based blockchain investment fund and transitioned into an international-focused brand under the BTCC name.
Q: Who was Bobby Lee and what is he doing now?
A: Bobby Lee was the co-founder and CEO of Bitcoin China. A Stanford-trained technologist and entrepreneur, he remains active in the crypto space as an investor and advisor. He is also known for promoting Bitcoin adoption in Asia.
Q: Is Bitcoin legal in China?
A: As of current regulations, cryptocurrency trading and issuance are not permitted within mainland China. However, blockchain technology development is supported by the government, especially for enterprise and financial infrastructure use cases.
Q: Can I still access my Bitcoin China account?
A: No. After the platform halted operations in 2017, user accounts were effectively frozen. Users were advised to withdraw funds before the shutdown. There is no official path to recover assets today.
Q: How did Bitcoin China influence other exchanges?
A: Bitcoin China set early standards for security (e.g., two-factor authentication), liquidity management, fiat integration (via Tenpay), and customer support—practices later adopted by global exchanges like Binance, OKX, and Kraken.
Q: Why did Bitcoin China shut down?
A: The shutdown was a direct result of Chinese regulators banning cryptocurrency exchanges and initial coin offerings (ICOs) in 2017 to mitigate financial risks and capital outflows. Like other domestic platforms, Bitcoin China complied with these directives.
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Bitcoin China may no longer operate within China, but its impact on the global crypto ecosystem remains undeniable. From pioneering secure trading practices to introducing blockchain philanthropy, it helped pave the way for today’s more mature and regulated digital asset landscape. As the industry continues to evolve, lessons from pioneers like Bitcoin China remain vital for both investors and innovators navigating this dynamic space.