China Police Said to Detain Crypto OTC Traders Amid Money Laundering Crackdown

As Chinese police step up efforts to crack down on illegal economic activities, crypto over-the-counter (OTC) traders are being detained to assist investigations. In another sign Chinese law enforcement are targeting cryptocurrency trading, Zhao Dong a prominent Chinese crypto OTC trader and the co-founder of crypto lending platform RenrenBit has been held up by police in the city of Hangzhou. A rumor that Zhao had been taken away first emerged on WeChat on Thursday, after a screen capture describing his detention began circulating within the local community and was later reported by local news outlets. As the rumor drew wider…