Baidu, Alibaba, Tencent Shuts the Cryptocurrency Forums and Transactions

The internet giants, Baidu, Alibaba and Tencent, collectively familiar as “BAT,” join the Chinese government to tighten the scrutiny of initial coin offering (ICO) and cryptocurrency trading.

Tech trio namely- Baidu, Alibaba, and Tencent have joined the bandwagon with the government in China to fight the illegal cryptocurrency trading activities.

According to the Chinese media report, Baidu has shut down their discussion posts related to cryptocurrency and virtual assets on Baidu Tieba on Sunday. The services that were shut down are Post Bar services including Digital Currency Bar and Virtual Currency Bar.

The report says that Baidu Tieba together with the social media app WeChat of Tencent was the key online platform for cryptocurrency investors. It also states that Baidu Tieba was attracting the ICO issuers and marketers for publishing promotional information. Some unwise investors seeking advice for their bad investment decisions also came to the platform.

In the previous week, the app WeChat of Tencent permanently shut many official accounts related to promotion of initial coin offering and cryptocurrency trading. These include few most well-known cryptocurrency trading platforms like Huobi.

In addition to this, WeChat places a restriction on the money taken by cryptocurrency sellers via its platform. Their main motto is to fight the majority of the illegal trading activities.

On Sunday, Beijing internet analyst, Liu Dingding told the Global Times,

Recent moves to crack down on illegal fundraising by using the buzzword ‘blockchain’ signaled further tightened regulations on ICOs, which are illegal in China. Chinese authorities banned ICOs in September 2017, but illegal fundraising activities and trading of virtual currencies persisted. Some companies have already moved their servers overseas, which has increased the difficulty of supervision

On 23rd August, the financial affiliate of Alibaba, Ant Financial also made an announcement on the similar restrictive measures. This was regarding the accounts associated with cryptocurrency trading. According to the Ant Financial, they will closely monitor such accounts.

The founder of Alibaba, Jack Ma Yun says at the 2018 Smart China Expo held at Southwest China Chongqing Municipality.

Blockchain’s value has not been recognized so far. The blockchain is not equal to Bitcoin, just like peer-to-peer lending, the same thing as online finance.

Back in September, the Internet finance regulators at Beijing also shut down every single cryptocurrency exchanges in China. This follows the People’s Bank of China with six state regulators join the complete ban on initial coin offerings (ICOs) in China.

At that moment, the three leading Bitcoin exchanges in China agreed to cease their trading activities without clarifying the reason.

Liu Dingding also mention that

Although bitcoin is legal in some Western countries, China has classified it as an illegal currency. More international cooperation is also needed to crack down on illegal trading of virtual currencies and fundraising.

It seems that government in China is all set to impose strict implementation in shutting down the ICO activities. Also, the previous week, Financial Risk Control Office at Beijing bans the local shopping malls, offices organizing events, hotels that were promoting cryptocurrency.

The Chinese government reportedly aimed 124 cryptocurrency firms, however, is serving the domestic traders in China.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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