The Shenzhen branch of the People’s Bank of China, the Shenzhen office of the China Securities Regulatory Commission, the city’s Cyberspace Administration office, and the local financial regulator have jointly carried out a recent cleanup of online financial information. Authorities disclosed a batch of typical cases involving self-media accounts linked to virtual currency promotion and illegal stock recommendation.
According to the notice, several accounts were sanctioned for publishing marketing and promotional content related to virtual currencies. The named accounts included “USDT Merchant Exchange Group,” “Let’s Team Up to Play Virtual Currency,” “Search Bitcoin,” “Weizhi Quick Exchange,” and “Zhonglian Lao Jiu.” Officials said these accounts were suspected of promoting virtual currency business to users in mainland China and inducing the public to take part in illegal financial activities tied to virtual currencies.
Authorities said the accounts had already been permanently shut down by the relevant platforms in accordance with platform rules and policy requirements, including the Notice on Further Preventing and Dealing With Risks Related to Virtual Currency. Shenzhen officials added that they will keep strengthening governance over online financial information and continue cracking down on virtual currency speculation and illegal stock-picking activities.
The Shenzhen branch of the People’s Bank of China, the Shenzhen office of the China Securities Regulatory Commission, the city’s internet information office, and the local financial regulator recently launched a joint campaign targeting online financial information and disclosed a batch of typical cases involving self-media accounts tied to virtual currency activity and illegal stock recommendations.
Authorities said several accounts were handled for publishing marketing and promotional content related to virtual currencies. The accounts named in the notice included “USDT Merchant Exchange Group,” “Let’s Team Up to Play Virtual Currency,” “Search Bitcoin,” “Weizhi Quick Exchange,” and “Zhonglian Lao Jiu.”
Accounts accused of promoting virtual currency business
According to the statement, those accounts were suspected of promoting virtual currency business to domestic users and inducing the public to participate in illegal financial activities related to virtual currencies.
Officials said the accounts had been permanently shut down by the platforms under applicable rules and policies, including the Notice on Further Preventing and Dealing With Risks Related to Virtual Currency.
Shenzhen authorities said they will continue strengthening oversight of online financial information, while keeping up enforcement against virtual currency speculation and illegal stock recommendation activities in order to maintain financial market order.
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