Cyberspace Administration of the People's Republic of China Centralizes Crackdown on Chaos Involving Virtual Currency Hype

Netcom China issued a document "National Cyberspace Administration of China Concentrates on Rectifying Chaos Involving Virtual Currency Hype", stating that in accordance with the spirit of "Notice on Further Preventing and Disposing of Hype Risks in Virtual Currency Transactions", the Cyberspace Administration of China urges and guides major website platforms to effectively implement their main responsibilities , continue to maintain a high-pressure crackdown on virtual currency trading hype, and increase self-examination and self-correction of information content and account numbers that induce virtual currency investment. Weibo, Baidu and other website platforms shut down 12,000 illegal user accounts such as the founder of @ICE Blizzard and @币圆热初 according to the user agreement, and cleaned up more than 51,000 pieces of illegal information such as "investing in Bitcoin to make money easily". The State Cyberspace Administration of China has strengthened supervision and inspections, targeting @飞哥的故事江湖 and @它直播 who use the banner of "financial innovation" and "blockchain" to induce netizens to invest in "virtual currency", "virtual assets" and "digital assets" 989 Weibo, Tieba accounts, and WeChat public accounts, including Ganbitcoin, were shut down according to law. In addition, guide the local network information department to interview more than 500 operating entities such as "chain nodes" and "venture capital circles" involved in virtual currency publicity and hype, and require a comprehensive cleanup of the information content of publicity and hype virtual currency transactions. The Cyberspace Administration of China, in conjunction with relevant departments, shut down 105 website platforms, including Currency Headlines, which specifically promoted virtual currency marketing and released tutorials explaining cross-border currency speculation and virtual currency "mining". In the next step, the Cyberspace Administration of China will continue to work with relevant departments to strengthen the crackdown on illegal financial activities related to virtual currency and protect the property safety of the people according to law. Netizens are reminded to establish correct investment concepts, enhance risk prevention awareness, refrain from participating in virtual currency trading hype activities, and beware of personal property damage.