RenrenBit founder Zhao Dong, also known as the “OTC King,” was sentenced to seven years in prison after an investigation, China says.
China’s Supreme Procuratorate has reportedly revealed the details behind the seven-year prison sentence given to Zhao Dong, the founder of over-the-counter (OTC) crypto trading desk RenrenBit, which facilitated crypto and local currency trading.
On Dec. 27, the Chinese legal prosecution agency revealed that Zhao, also dubbed the “OTC King,” was convicted of operating a crypto business and participating in foreign exchange transactions without a license. The move highlights an ongoing crackdown on crypto, which is still illegal in the country.
In the end, a court issued a verdict, sentencing Zhao to seven years in prison and imposing a fine of 2.3 million Chinese yuan ($325,000).
