Weibo Takes Action Against Virtual Currency Trading Hype, Shuts Down 80 Accounts

Key Points:

• Weibo Finance closes 80 accounts involved in promoting or engaging in illegal virtual currency trading and speculation, demonstrating its commitment to regulatory compliance and user safety.
• Weibo takes proactive measures in accordance with Chinese financial and cybersecurity laws to prevent virtual currency trading hype and maintain platform integrity.

Weibo Finance has taken decisive action to combat the proliferation of virtual currency trading hype and speculation by issuing a statement outlining its measures. 

In compliance with China’s financial and regulatory laws, Weibo has embarked on a mission to uphold the integrity of its platform. The announcement underscores Weibo’s commitment to adhering to the “Law of the People’s Republic of China on the People’s Bank of China,” the “Commercial Bank of the People’s Republic of China Law,” the “Securities Law of the People’s Republic of China,” and other relevant regulations that govern the financial landscape. 

Additionally, it aligns with the “Cybersecurity Law of the People’s Republic of China,” “Telecommunications Regulations of the People’s Republic of China,” “Regulations on Preventing and Dealing with Illegal Fund Raising,” and “Decision of the State Council on Cleaning up and Rectifying Various Trading Venues to Effectively Prevent Financial Risks.”

To enforce these regulations, Weibo has taken proactive steps, including investigating and responding to user complaints while centrally processing information related to illegal virtual currency trading and speculation. As a result of these efforts, Weibo has identified and closed a total of 80 accounts that were involved in promoting or engaging in activities related to illegal virtual currency trading and speculation.

The offending accounts, which have been shut down, serve as a clear demonstration of Weibo’s commitment to maintaining a secure and compliant online environment for its users. By taking swift and decisive action against those attempting to exploit its platform for illegal financial activities, Weibo aims to protect its users from potential risks associated with virtual currency trading hype.

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