China discloses grounds for 'OTC King' Zhao Dong's 7-year prison term

Zhao Dong, also known as the "OTC King", has been sentenced to seven years in prison by a court in China.

The Supreme Procuratorate of China released details of the seven-year prison sentence given to the founder of over-the-counter crypto trading desk RenrenBit.

The agency stated that Zhao was convicted of operating a cryptocurrency business and engaging in foreign exchange transactions without a license.

Zhao's sentence also includes a fine of CNY 2.3 million ($325,000).