Websites shut down 12,000 accounts encouraging illicit virtual currency trade amid crackdown

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Cyberspace Photo: VCG

Social media platforms such as Weibo and Baidu have shut down some 12,000 accounts encouraging users to invest in illegal virtual currency trading this year under the direction of the Cyberspace Administration of China (CAC), the regulator said on Tuesday. on his WeChat account.

In addition, more than 51,000 illegal threads containing information such as “earning easy money by investing in Bitcoin” have been removed from social media platforms in accordance with regulations, the CAC said.

A total of 989 Sina Weibo accounts, Baidu post bar threads and WeChat accounts have been shut down according to law after encouraging social media users to invest in so-called virtual currencies, virtual assets and digital assets, under cover of financial funds. innovation and blockchain.

105 websites specializing in virtual currency marketing, online tutoring on cross-border virtual currency speculation or virtual currency mining were also shut down.

Regulators also held talks with 500 industry sites such as ChainNode and vc.cn to tell sites to remove content that fueled virtual currency trading.

These measures are all part of a multi-pronged crackdown on illegal virtual currency trading launched by the regulator this year in accordance with applicable laws and regulations, the CAC said, adding that while it was carrying out its crackdown, it was valuing the social media denunciations. users.

Along with the rise of virtual currencies, speculation and fraud have become more prominent, and some social media users have blindly bought into the hype that investing in virtual currencies could yield high returns, often suffering severe financial losses, the ACC said in the post on Tuesday. .

The CAC said it will continue its crackdown on illegal financial activities related to virtual currencies and protect people’s assets. He reminded the public to take a thoughtful approach to wealth management and refrain from participating in virtual currency speculation to avoid personal losses.

China has stepped up its efforts to crack down on cryptocurrency trading and mining.

In February, the Supreme People’s Court, China’s highest court, issued a revised criminal judicial interpretation for illegal fundraising, adding cryptocurrency trading as a new potentially criminal act.

Last year, China moved to ban Bitcoin mining after banning cryptocurrency exchanges in 2017.

world times

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