NewsletterChina Tightens Crypto Grip with Zhao’s 7-Year Sentence
China’s Supreme Procuratorate has handed a seven-year prison sentence to Zhao Dong, a prominent figure in the cryptocurrency world. Zhao, known for his association with RenrenBit and as a Bitfinex shareholder, was found guilty of conducting illegal business and unlicensed foreign exchange transactions. This sentencing is a part of China’s broader strategy to eliminate illicit cryptocurrency practices.
A Crackdown on OTC Crypto Market
Zhao’s conviction marks a major setback for the over-the-counter (OTC) cryptocurrency market. His involvement in this sector has abruptly stopped due to the rigorous investigative efforts of the Supreme People’s Procuratorate and the State Administration of Foreign Exchange. This action aligns with the Chinese government’s commitment to eradicating financial misconduct, especially those with international ramifications.
China Sweeping Actions Against Financial Fraud
China’s assertive stance against financial fraud is evident in its handling of eight high-profile cases. These cases range from foreign exchange fraud to complex financial scams, showcasing the government’s dedication to combating financial crimes. Meticulous investigations have led to the unraveling sophisticated schemes, with authorities scrutinizing bank records, communication logs, and other substantial evidence to build strong cases against perpetrators.
Concurrently, authorities uncovered an illegal banking operation that used cryptocurrencies to bypass foreign exchange regulations. The operation involved converting virtual currencies to foreign currency through international platforms, clearly violating the law.
Investigations revealed over $2.2 billion in transfers, channeled through numerous bank accounts across different regions. Moreover, this case highlights the evolving complexity of monitoring financial transactions in the digital age.
Read Also: Levana Suffers Major Hack, Assures User Positions Remain Safe
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- MetaMask Integrates Polymarket as Crypto Prediction Markets Gain Ground
- Breaking: CFTC Greenlights Spot Crypto Trading on Regulated U.S. Exchanges
- TradFi Attack On Crypto? Ken Griffin’s Citadel Asks SEC to Tighten Rules on DeFi Protocols
- U.S. Weekly Jobless Claims Fall to 3-Year Low Ahead of FOMC Meeting
- S&P Welcomes WhiteBIT’s Native Coin Across Five Key Crypto Indices
- Can Solana Price Bounce Back to $200 by End of 2025?
- Cardano Price Prediction Ahead of Midnight Sidechain Launch — Is ADA Headed for $0.85?
- Sui Price Eyes $2+ as SEC Approves First 2X Leveraged SUI ETF
- Pi Network Price Shows Signs of Recovery as Unlock Rate Cools
- Bitcoin Price Could Break $100k as Odds of 3 Rate Cuts Hit ATH
- XRP Price Prediction as ETF Buyers Add $50.27M to Holdings
