Court Sides With Crypto Exchange Despite Allegation It Violated China Ban

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A Chinese cryptocurrency trader who was sent bitcoin in error must repay an exchange even if it broke domestic rules, a Beijing court has ruled. In a judgement made on July 31 and released on Thursday, an intermediate Beijing court upheld a decision made by a district court early this year that a bitcoin trader named Li Jianfeng must return the proceeds he received from selling five bitcoins he obtained by accident. The case reportedly stemmed from a system bug on a then China-based bitcoin exchange named Coinnice, which issued the bitcoins to Li on March 10, 2017. Based on the court document, Li subsequently liquidated the bitcoins for around $6,100. After Li declined Coinnice’s request that he return the funds, the company brought a lawsuit against him in a Beijing district court. During the case, Coinnice argued that Li had no legal right to possession of the assets and, as such,