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Trial Gets Under Way for Well-Known Crypto Executive in China
Prominent trader Zhao Dong is charged with "assisting internet criminal activities " and faces three years in prison.
The trial of prominent over-the-counter (OTC) crypto trader and company founder Zhao Dong has started in the Chinese city of Hangzhou.
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- Zhao Dong is charged with "assisting internet criminal activities" according to a livestream of the trial Wednesday, as reported by The Block.
- This charge is defined as providing someone known to be committing an internet-based crime with the tools to do so. These include internet access, network storage, telecommunication or payment settlements.
- Zhao and his team are accused of being a transactional counterparty for a money-laundering scheme called "Day Day Up."
- If found guilty, Zhao could be sentenced to up to three years in jail. He has already been in jail for almost a year.
- The case has attracted a great deal of attention given Zhao's status as one of the most prominent figures in the Chinese crypto industry, per the report.
- He ran one of the country's largest OTC desks and founding crypto lending startup RenrenBit.
See also: Chinese Crypto Miners Face Unstable Regulatory Environment
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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