Trial Gets Under Way for Well-Known Crypto Executive in China

The trial of prominent over-the-counter (OTC) crypto trader and company founder Zhao Dong has started in the Chinese city of Hangzhou.

• 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