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China has provided insights into the conviction of Zhao Dong, the influential crypto over-the-counter (OTC) trader and widely known founder of the RenrenBit crypto trading desk. The ‘OTC King’Last Wednesday, China’s Supreme Procuratorate disclosed that Zhao, known as the "OTC King," was handed down a substantial prison sentence for engaging in illegal foreign exchange and crypto business operations. The case is emblematic of China's persistent efforts to clamp down on cryptocurrency trading, even when conducted through less transparent channels like OTC desks, private chat groups and stablecoins.Photo by Hanson Lu on UnsplashTracing fundsIn their comprehensive disclosure, the Chinese authorities outlined the meticulous investigation that led to Zhao Dong's conviction. The focus was on tracing fund movements across Chinese bank accounts, overseas cash pools and the circulation of Tether and Bitcoin. Investigators honed in on accounts associated with Zhao Dong and the chat groups used for trading activities. Their arsenal included detailed bank records, WeChat conversations, testimonies from Zhao's OTC agents and other documentary evidence. The report highlighted that all defendants, including Zhao Dong, confessed to the process of collecting dirhams in cash in Dubai, paying RMB to the other party's designated account, buying Tether with dirhams, and allowing the domestic gang to illegally sell it back for RMB. Seven year sentenceIn one of the alleged schemes, Zhao Dong purportedly orchestrated crypto-fiat trades between Dubai-based entities holding cash piles in United Arab Emirates (UAE) dirhams and Chinese contacts within the country. With numerous related recipients confirming that the funds Zhao received were payments from foreigners, the prosecution's case was made so much stronger. Zhao unsuccessfully argued during three public court hearings that his actions constituted digital currency transactions and not a breach of foreign exchange laws. The prosecution countered with evidence from the group's chat records, emphasizing the nature of foreign exchange in their dealings. The court ultimately rendered a verdict, sentencing Zhao Dong to seven years in prison and imposing a 2.3 million Chinese yuan ($325,000) fine. This conviction serves as a stark reminder of the stringent regulatory stance that China has adopted towards cryptocurrency trading. Zhao Dong was considered one of China's most influential OTC crypto traders. He was a Bitfinex shareholder and founder of the D Fund venture capital fund. He established RenrenBit in August 2018, incorporating the company in Singapore. The influential crypto trader is also believed to have been involved in assisting stablecoin-issuer Tether to launch its Tether Yuan product. However, once the authorities moved against him, RenrenBit was taken offline while Tether scrapped its pursuit of Tether Yuan. Despite his influence, Zhao has ultimately become a symbol of the government's commitment to curbing such crypto trading activities within mainland China. The outcome underscores the severity of China's regulatory crackdown on cryptocurrency trading and sends a strong message to other players in the crypto space within the country.

Korea’s Premier Law Firm to Jointly Hold Seminar on Preventing Crypto ExploitsKim & Chang, a leading law firm in South Korea, has announced its collaboration with crypto exchange operator Dunamu to host a seminar on anti-money laundering (AML) and the prevention of crypto exploits. The event will take place at Korea University on Thursday, as reported by Moneytoday.Photo by David McBee on PexelsInauguration of a digital asset forumThe seminar is being organized by the Digital Assets Policy Forum, an organization dedicated to developing the digital asset market and safeguarding investors. The inauguration ceremony of the forum will also be held at the event.Talks by distinguished figuresThe seminar will commence with a keynote speech by Aaron Bice, Senior Subject Matter Expert at Chainalysis, a blockchain data analysis firm based in New York.Following Bice’s address, several distinguished individuals from South Korea will deliver presentations. Ahn Chang-kook, a high-level official from the Financial Intelligence Unit at the Korean Financial Services Commission, will elucidate the challenges and solutions associated with crypto exploits. Oh Jeong-eun, a prosecutor from the Incheon District Prosecutors’ Office, will provide insight into the investigations of unlawful foreign exchanges in banks and their implications. Advisor Ko Cheol-soo of Kim & Chang will shed light on the evolving global landscape of AML regulations in the crypto sector. In addition, Kim Kwang-hoon, a manager at Dunamu, will explore the topic of crypto AML systems.Panel discussionsA representative from Kim & Chang said that the event will gather a diverse group of experts in digital asset regulation, policy, and law from various sectors, including government, academia, and industries. These experts will not only deliver informative presentations but also actively engage in panel discussions during the event.

As Excitement for First US Spot Bitcoin ETF Intensifies, South Korea Still Faces Mountain to ClimbThe price of bitcoin has surged significantly as it recorded an 18% increase in the past week, spurred by mounting anticipation surrounding the US’ first spot bitcoin exchange-traded fund (ETF) propelled by asset management juggernauts BlackRock and Fidelity Investments — a threshold that had not been crossed in over a year. According to CoinMarketCap, bitcoin is trading in the upper $33,000 range as of 5 p.m. KST on Wednesday.Photo by André François McKenzie on UnsplashOngoing buildupThe approval of a spot bitcoin ETF — long rejected or delayed due to a plethora of reasons like the volatility of cryptocurrencies and their susceptibility to market manipulation — would in the long run open up the possibility for institutions to earmark bitcoin as a major asset that can be integrated into the sphere of traditional finance. This would make bitcoin easier to handle and increase its exposure to traditional investors. “The mere possibility of this development marks a significant shift in the market landscape,” said an unnamed executive at a Korean asset management company in a news article by South Korean news outlet Maeil Business Newspaper.BlackRock’s spot bitcoin ETF, the iShares Bitcoin Trust, was also listed on the US Depository Trust & Clearing Corporation (DTCC)’s website with the ticker symbol IBTC on Monday before it mysteriously disappeared the following day. It has since been relisted on the website. The listing is “all part of the process of bringing ETF to market”, as explained by Bloomberg’s senior ETF analyst Eric Balchunas via his X (formerly Twitter) account on Tuesday.Is a spot bitcoin ETF on the table for Korea?However, Korean experts believe that there are still numerous hurdles to overcome in order for a spot bitcoin ETF to settle in Korea. In particular, some question whether cryptocurrency platforms that offer custodial services can even be classified as exchanges. There is also the issue of bitcoin’s varying prices across different exchanges. Its current price on Upbit, the country’s largest crypto exchange, is in the KRW 45.9 million range as of 5 p.m. on Wednesday. Local financial authorities have reportedly expressed skepticism about bitcoin ETFs for these reasons, suggesting a murky future for this development becoming a reality in Korea.