Permanently shut down; Shenzhen reports multiple violations involving virtual currency-related media accounts

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Odaily Planet Daily reports that the People’s Bank of China Shenzhen Branch, the Shenzhen Securities Regulatory Bureau, the Shenzhen Cyberspace Administration, and the Shenzhen Local Financial Regulatory Bureau recently jointly carried out a special campaign to rectify online information in the financial sector, and released a batch of representative cases involving virtual currency and illegal stock-picking promotion violations by self-media accounts. Among them, multiple accounts including “USDT Merchant Group Chat,” “Come Together to Play Virtual Currency,” “Search Search Bitcoin,” “WeChat Pay Quick Exchange,” and “Zhonglian Laojiu” were dealt with for violating regulations by publishing marketing and promotional content related to virtual currencies. These accounts are suspected of promoting virtual currency business to users in mainland China and诱导 the public to participate in illegal financial activities related to virtual currencies. The authorities said that, in accordance with policy requirements such as the “Notice on Further Preventing and Addressing Risks Related to Virtual Currencies,” the above违规 accounts have been permanently shut down by the platforms in accordance with the law and the agreements. Shenzhen said it will continue to strengthen online financial information governance, crack down on illegal activities such as virtual currency speculation and illegal stock-picking, and maintain order in the financial markets.
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