Crackdown on Crypto OTC: Big Shots Detained, Bank Cards Frozen en Masse

Written by: Ratchet Pizza Entering 2020, an increasing number of crypto traders have had their bank cards frozen. The reason for card freezing is the same across the board: participation in OTC (Over-the-Counter) transactions, encountering "tainted money" from unknown sources. On July 2, it was reported that crypto bigwig and major OTC trader Zhao Dong was taken away by police. Wu Shuo Blockchain stated this was very likely related to OTC trading, "suspected of concealing proceeds of crime." This news caused a shock in the OTC circle, with many OTC merchants now afraid to take large new orders.