The Chinese giants of technology join the government to fight illegal activities of commercial cryptocurrency – China Money Network

The Chinese technology trio Baidu, Alibaba and Tencent, collectively known as "BAT", all joined the Chinese government's effort to strengthen the control of cryptocurrency trading and the initial supply of coins (ICO).

The Baidu search engine has closed the discussion posts on cryptocurrency and digital resources on Baidu Tieba, its communication platform, the Chinese media reported on Sunday. The report states that Baidu Tieba, along with the Tencent app for social media WeChat, was the leading online communication platform for cryptocurrency investors.

The report also states that Baidu Tieba has attracted ICO broadcasters and marketing agents who have posted promotional information and senseless investors seeking advice and comfort for their bad investment decisions.

Last week, Tencent's WeChat super app finally closed several official accounts that promoted the initial offer of coins and cryptocurrency trading, including some of the most popular digital asset trading platforms like Huobi. In addition, WeChat has limited the amount of money that could be received by cryptocurrency sellers on its platform, to combat illegal business activities.

On August 23, Alibaba's financial affiliate, Ant Financial, announced restrictive measures similar to the accounts associated with cryptocurrency trading. Ant Financial said it will monitor these accounts closely.

Last September, Internet finance regulators in Beijing stopped all cryptocurrency trade in China after the People & # 39; s Bank of China and six other regulators jointly announced a total ban on initial coin bids. (Ico) in the country. At the time, the three major Chinese squares of Bitcoin declared that they would cease trading in China without specifying the reasons for such a move.

After the September ban, trading websites continued to operate but provided over-the-counter services in China, rather than centralized trading services. For example, Huobi.com, which is still accessible from China, provides information on coin sellers including prices, the number of coins, their trade volume in the last month and the preferred payment methods such as credit card , Alipay and Wechat Pay.

It seems that the Chinese government is ready to impose stricter implementation to close the activities of the ICO. Last week, the Beijing Financial Risk Control Office banned shopping malls, hotels, commercial offices to organize events promoting cryptocurrencies. The Chinese government would have targeted 124 cryptocurrency companies with servers abroad, but they are serving domestic Chines merchants.

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