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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 <a href="https://wublock.substack.com/p/chinas-supreme-procuratorate-unveils?r=jbpop&amp;utm_campaign=post&amp;utm_medium=web">conducting</a> illegal business and unlicensed foreign exchange transactions. This sentencing is a part of China’s broader strategy to eliminate illicit cryptocurrency practices. 
<h2 id="a-crackdown-on-otc-crypto-market">A Crackdown on OTC Crypto Market</h2> 
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 <a href="https://coingape.com/breaking-is-crypto-really-banned-in-china-binance-users-traded-90-billion-in-crypto/">commitment</a> to eradicating financial misconduct, especially those with international ramifications. 
<h2 id="strong-china-sweeping-actions-against-financial-fraud-strong">China Sweeping Actions Against Financial Fraud</h2> 
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 <a href="https://coingape.com/china-central-bank-prioritizes-crypto-asset-regulation-amid-rising-risks/">dedication</a> 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 <a href="https://coingape.com/tether-in-crosshair-amid-chinas-crackdown-on-illegal-forex-trading/">operation</a> 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: <a href="https://coingape.com/levana-suffers-major-hack-assures-user-positions-remain-safe/?utm_source=cgtelegram">Levana Suffers Major Hack, Assures User Positions Remain Safe</a> 
The post <a href="https://coingape.com/china-tightens-crypto-grip-with-zhaos-7-year-sentence/">China Tightens Crypto Grip with Zhao’s 7-Year Sentence</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

China Tightens Crypto Grip with Zhao’s 7-Year Sentence

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