Express
Chinese Police Allegedly Detaining OTC Crypto Traders To Aid Investigations
Summary: Zhao Dong — a Chinese over-the-counter crypto trader and co-founder of crypto lending platform RenrenBit — has reportedly been detained by Chinese authorities, as reported by Chain News. A representative of RenrenBit issued a statement about the event on Weibo claiming that an entire OTC trading desk in Beijing had been taken away by police last month. ...
Zhao Dong — a Chinese over-the-counter crypto trader and co-founder of crypto lending platform RenrenBit — has reportedly been detained by Chinese authorities, as reported by Chain News.
A representative of RenrenBit issued a statement about the event on Weibo claiming that an entire OTC trading desk in Beijing had been taken away by police last month. The statement added that Zhao is now aiding police in anti-fraud and anti-money laundering efforts.
Individuals in China have been dependent on OTC trading to exchange USDT or Bitcoin with Chinese yuan after the government forbade trading between cryptocurrencies and yuan over exchanges in 2017.
The detainement of Zhao suggests that the government's regulation and oversight of cryptocurrencies is becoming more aggressive.
By Emily Mason
Tags: Bitcoin,Chinese Yuan,OTC
Link: Chinese Police Allegedly Detaining OTC Crypto Traders To Aid Investigations [Copy]
