Founder of a p2p cryptocurrency trading platform RenrenBit and investor in Bitfinex, Zhao Dong, has reportedly been detained by Chinese police.
According to Sino Global Capital CEO Matthew Graham, Zhao has been detained by Hangzhou police. Graham highlights Zhao has not been arrested and the matter "does not necessarily follow that this is in relation to RenrenBit’s business operations."
In July 2019, RenrenBit sold 21 million of ERC20-based RRB tokens. Each token was sold for 1 USDT, the Tether-issued stablecoin.
At press time it is unknown what is the reason for Zhao's detainment.
Earlier Chinese banks including China Merchants Bank, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China disproved massive ban on financial services for clients who want buy or sell cryptocurrencies.
Thousands of cryptocurrency over-the-counter traders in China reported in June their bank accounts had been banned as a result of a police raid over an alleged crypto-related Ponzi scheme.
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