Shenzhen Reports Closure of Multiple Self-Media Accounts Involved in Virtual Currency Violations, Luring Participation in Illegal Financial Activities

July 25th, the People's Bank of China Shenzhen Branch, Shenzhen Securities Regulatory Bureau, Municipal Internet Information Office, and Local Financial Supervision Bureau recently conducted a joint special rectification campaign in the financial field to crack down on illegal activities in the network information. They announced a series of typical cases of accounts involving virtual currencies and illegal stock recommendation by self-media.

Among them, multiple accounts were dealt with for violating regulations by posting marketing and promotional information related to virtual currencies, including accounts such as "USDT Merchant Exchange Group," "Come Together to Play Virtual Currency," "Search Bitcoin," "Micro Support Instant Exchange," and "Middle Chain Senior Nine." These accounts are suspected of providing domestic users with promotion of virtual currency services, enticing the public to participate in illegal financial activities related to virtual currencies.

Officials stated that in accordance with the policy requirements in the "Notice on Further Preventing and Dealing with Risks Related to Virtual Currencies," the above-mentioned accounts have been permanently closed by the platforms in accordance with the law and the agreement.

Shenzhen authorities stated that they will continue to strengthen the governance of online financial information, crack down on the speculation of virtual currencies, illegal stock recommendations, and other illegal activities, and maintain financial market order.