Permanently Shut Down: Shenzhen Reports Multiple Cases of Non-Compliant Social Media Accounts Involving Virtual Currencies
Svmuu News: The Shenzhen Branch of the People’s Bank of China, the Shenzhen Securities Regulatory Bureau, the Municipal Internet Information Office, and the Municipal Local Financial Administration Bureau recently launched a joint special campaign to regulate online information in the financial sector, publicizing a number of typical cases involving self-media accounts that violated regulations by promoting virtual currencies and illegally recommending stocks.Among them, multiple accounts—including “USDT Merchant Discussion Group,” “Join Forces to Trade Virtual Currency,” “Search Bitcoin,” “Weizhi Kuaihuan,” and “Zhonglian Laojiu”—were penalized for illegally publishing marketing and promotional content related to virtual currencies. These accounts are suspected of promoting virtual currency services to domestic users and inducing the public to participate in illegal financial activities related to virtual currencies.Authorities stated that, in accordance with policy requirements such as the “Notice on Further Preventing and Addressing Risks Related to Virtual Currencies and Other Matters,” the aforementioned non-compliant accounts have been permanently closed by the platforms in accordance with the law and relevant agreements. Shenzhen authorities indicated that they will continue to strengthen the governance of online financial information, crack down on illegal activities such as virtual currency speculation and illegal stock recommendations, and maintain order in the financial markets.
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