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OTC cryptocurrency traders under increased scrutiny by Chinese authorities

A prominent member of the Chinese crypto community is being held by the police as part of the investigations.

Image by Karin Herzog from Pixabay

Fri, 03 Jul 2020, 13:38 pm UTC

Chinese authorities have been ramping up efforts to curb illicit economic activities. To speed up its investigations, the country’s law enforcement is now reportedly detaining over-the-counter (OTC) cryptocurrency traders.

One of the most recent crypto OTC trader that was reportedly detained by Hangzhou city police is Zhao Dong, according to Coindesk. Mr. Zhao is a well-known OTC trader and is the co-founder of RenrenBit, a Chinese cryptocurrency lending platform.

A rumor that the police took Zhao away first surfaced on WeChat on Thursday. A screen capture of his detention circulated on the social media platform until it was eventually reported by the local news.

RenrenBit said in a statement that even though Zhao invested in the OTC team, he wasn’t involved in its daily operations and has only recently returned to China from Japan last month. The company also explained that Zhao is “actively” assisting the police in their anti-money laundering and anti-fraud investigations.

Aside from Zhao, there have been traders that were also questioned by the police. A RenrenBit representative revealed on Weibo that the whole team of an unnamed OTC trading desk in Beijing has been taken away by police in June. However, the team members were likely only brought in for questioning as no arrest was made.

China has banned crypto exchanges from making trades between the Chinese yuan and cryptocurrency since 2017. Due to this restriction, traders turned to OTC platforms as they basically enable peer-to-peer trading by linking crypto buyers and sellers.

An unnamed source confirmed to Coindesk that Zhao is being held by authorities. However, the source added that his detention is not an isolated case but is just part of their systemic effort.

The unnamed source also confirmed that Chinese authorities in the provinces are increasing their scrutiny on cryptocurrency OTC desks since June. They have invited more than one OTC desk for questioning in connection with their investigations on money laundering.

Aside from being a member of the Chinese crypto community since 2013, Zhao is also one of the largest OTC traders in the country. Naturally, his detention by the police sparked fear among other OTC desks.

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  • Alfred
  • 2020.07.18 12:13:35
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  • 2020.07.07 07:51:58
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1. ????Refusal to credit customers accounts or reimburse funds to customers:
These complaints typically involve customers who have deposited money into their trading or investment account and who are then encouraged by “brokers” over the telephone to deposit additional funds into the customer account. When customers later attempt to withdraw their original deposit or the return they have been promised, the trading platforms allegedly cancels customers’ withdrawal requests, refuse to credit their accounts, or ignore their telephone calls and emails.

2. ????Manipulation of software to generate losing trades:
These complaints alleged that the Internet-based Investment and trading platforms manipulate the trading software to distort the Trading prices and payouts in order to ensure that the trade results in a Loss. For example, when a customer’s trade is “winning,” the countdown to expiration is extended arbitrarily until the trade becomes a loss.

☑️ Most people have lost their hard earned money through Scam Investments And Trading, yet they would go and meet fake recovery Experts unknowingly to help them recover their money and they would end up losing more money in the process. Guys to be Truthful with you, It’s Only Cyber Security Specialists that are capable of recovering your Funds, and This Is Basically why we (COMPOSITE CYBER SECURITY SPECIALISTS) have come to y’all victim’s rescue. The clue is most of these Brokers have weak Database security, and their vulnerabilities can be exploited easily with the Help of our Special HackTools, Root HackTools And Technical Hacking Strategies because they wouldn’t wanna conduct Bug bounty Programs which would have helped strengthen and protect their Database from Unauthorized accesses, So all our specialists do is to hack into the Broker’s Database Using Technical Hacking Methods and Strategies, Decrypt your Transaction Details, Trace the Routes of your Deposited Funds, Then some Technical Hacking Algorithms & Execution follows then you have your money recovered???? ✔️

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☑️ The COMPOSITE CYBER SECURITY SPECIALISTS have received numerous complaints of fraud associated with websites that offers opportunities for Capital Investments, bitcoin investments and Trading on an Internet-based trading platforms. Most Of The complaints falls into these Two categories:
1. Refusal to credit customers accounts or reimburse funds to customers:
These complaints typically involve customers who have deposited money into their trading or investment account and who are then encouraged by “brokers” over the telephone to deposit additional funds into the customer account. When customers later attempt to withdraw their original deposit or the return they have been promised, the trading platforms allegedly cancels customers’ withdrawal requests, refuse to credit their accounts, or ignore their telephone calls and emails.

2. Manipulation of software to generate losing trades:
These complaints alleged that the Internet-based Investment and trading platforms manipulate the trading software to distort the Trading prices and payouts in order to ensure that the trade results in a Loss. For example, when a customer’s trade is “winning,” the countdown to expiration is extended arbitrarily until the trade becomes a loss.

☑️ Most people have lost their hard earned money through Scam Investments And Trading, yet they would go and meet fake recovery Experts unknowingly to help them recover their money and they would end up losing more money in the process. Guys to be Truthful with you, It’s Only Cyber Security Specialists that are capable of recovering your Funds, and This Is Basically why we (COMPOSITE CYBER SECURITY SPECIALISTS) have come to y’all victim’s rescue. The clue is most of these Brokers have weak Database security, and their vulnerabilities can be exploited easily with the Help of our Special HackTools, Root HackTools And Technical Hacking Strategies because they wouldn’t wanna conduct Bug bounty Programs which would have helped strengthen and protect their Database from Unauthorized accesses, So all our specialists do is to hack into the Broker’s Database Using Technical Hacking Methods and Strategies, Decrypt your Transaction Details, Trace the Routes of your Deposited Funds, Then some Technical Hacking Algorithms & Execution follows then you have your money recovered ✔️

☑️All our Specialists are well experienced in their various niches with Great Skills, Technical Hacking Strategies And Positive Online Reputations And Recommendations. ✔️
They hail from a proven track record and have cracked even the toughest of barriers to intrude and capture all relevant data needed by our Clients.
We have Digital Forensic Specialists, Certified Ethical Hackers, Software Engineers, Cyber Security Experts, Private investigators and more. Our Goal is to make your digital life secure, safe and hassle free by Linking you Up With these great Professionals such as JACK CABLE, ARNE SWINNEN, SEAN MELIA, DAWID CZAGAN, BEN SADEGHIPOUR And More. These Professionals are Well Reserved Professionals who are always ready to Handle your job with great energy and swift response so that your problems can be solved very quickly.

☑️ Also, If You Have NON-SPENDABLE BITCOINS And wish To Activate It To SPENDABLE, Don’t Hesitate to reach Out To Us

✅ COMPOSITE CYBER SECURITY SPECIALISTS are Basically the ANSWERS to your PRAYERS.

CONTACT US TODAY:
Email:
[email protected]


☑️ We Also Have a Separate Team that Provides-LEGIT HACKING SERVICES SUCH AS:
▪️ WEBSITE AND DATABASE HACKING
▪️ CREDIT REPAIR.
▪️ PHONE HACKING & CLONING
▪️ SOCIAL MEDIA ACCOUNTS HACKING
▪️LOCATION TRACKING
▪️BITCOIN MINING And More.


CONTACT:
Email:
[email protected]


2020 © composite cybersecurity specialists
Want faster service? Contact us!
All Rights Reserved ®️
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  • 2020.07.06 20:37:55
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