Chinese law enforcement targeting crypto trading as crypto OTC trader has been held up by police

According to reports circulating in Chinese media, Zhao Dong, a prominent Chinese crypto OTC trader and the co-founder of the crypto lending platform RenrenBit, was arrested by local police.

Zhao Dong has been held up by police in the city of Hangzhou

However, it is unclear if this report is true because some people said Dong was currently in a police station in Hangzhou, but others thought he was in Yancheng.

Matthew Graham, chief of Sino Global Capital, said through Twitter that reports about Zhao’s current situation seem confirmed.

Graham clarifies that being detained is not the same as being arrested. He notes that the alleged detention may not have anything to do with RenrenBit’s operations.

According to Chainnews, all employees of the company went to work as usual. In addition to his role at RenrenBit, Zhao is also known as an investor behind the cryptocurrency exchange, Bitfinex.

Is Zhao involved in illegal crypto transactions?

Chainnews alleges that the RenrenBit head has collaborated with the Chinese authorities regarding suspicions of fraudulent transactions made by the company.

Zhao stated in 2019 that he believes the cryptocurrency spring will only come in 2020. When asked about the future of Bitcoin, Zhao Dong recalled its popularity peak in December 2017. Compared to that time, no one is interested in BTC today, and he noted that the coin would only attract attention once it reaches tens of thousands of dollars again.

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