Shenzhen Closes Multiple Violating Cryptocurrency Social Media Accounts

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 Supervision Administration have jointly carried out a special rectification of online information in the financial sector, announcing the closure of several violating social media accounts related to virtual currencies and illegal stock recommendations. These accounts include "USDT Merchant Group Chat," "Let's Play Cryptocurrency Together," "Search for Bitcoin," "WeChat Quick Exchange," and "Zhongchain Lao Jiu," which were dealt with for illegally publishing marketing promotional information related to virtual currencies. Officials stated that these accounts are suspected of providing virtual currency business promotion to domestic users, enticing the public to participate in illegal financial activities. In accordance with policies such as the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies," the aforementioned violating accounts have been permanently closed by the platform in accordance with the law. Shenzhen will continue to strengthen the governance of online financial information, crack down on illegal activities such as cryptocurrency speculation and illegal stock recommendations, and maintain order in the financial market.

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