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

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

  news.coincu.com 18 h

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

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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