Asia's cryptocurrency arbitrage boom fizzles, but profits persist

By Winni Zhou and Andrew GalbraithSHANGHAI/SINGAPORE (Reuters) - When China closed its local cryptocurrency exchanges late last year, an underground ecosystem of bitcoin "mules" and peer-to-peer platforms sprung up to allow bitcoin trading to thrive, away from regulators' watchful eyes. Li, a Canada-based Chinese banker in his 20s, is one of these underground traders.

He buys cryptocurrencies in other markets and sells them at a premium to investors in China, who cannot otherwise get them. At the height of the frenzied demand for bitcoins in.

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