China’s Baidu Joins Tech Giants Tencent, Alibaba in Imposing Fresh Anti-Crypto Measures
Baidu, a Chinese tech company has partnered with Tencent and Alibaba in pushing new anti-crypto measures alongside with Beijing’s solid position. This was reported by the South China Morning Post on Monday, 27th August.
Baidu is like China’s ‘google’ and according to SCMP, they have suspended two well-known cryptos related platform.
Also, a warning was released informing clients that the decision comes “in accordance with relevant laws, regulations, and policies.”
On the other hand, Tencent the operator of WeChat has purportedly issued an announcement stating its prohibition on crypto trading. The platform claimed that it will look into everyday transactions in real time and prevent any transactions that don’t seem legit.
Alibaba, the big Chinese e-commerce whose subordinate, Ant Financial runs the famous paying app, Alipay which has claimed that it will limit or completely prohibit any accounts that related to crypto trading.
The three statements follow the highlights of the previous week’s onslaught of difficult anti crypto standards in China. They incorporated a ban on all commercial places from hosting any crypto associated occasions in Beijing’s Chaoyang District with rules focusing on communication channels where Chinese investors can be exposed to initial coin offerings(ICO) and crypto trading.
As indicated on August 21, WeChat permanently banned many well-recognized crypto and blockchain profiles and accounts which included CoinDaily, Deepchain and Huobi News that we accused of promoting the crypto violation of regulations introduced earlier this month.
Alipay reported that it would block those accounts that utilize its network to exchange bitcoin and over the counter trade. It would also create an inspection system for “key websites and accounts.” Ant Financial has also talked about its intentions to conduct a “risk prevention” program aimed to teach users about the risk of fake crypto related “propaganda.”
The People’s Bank of China issued its new warning announcing that it would be brought up the rules against ”illegal” ICOs.
CT Japan claims that the new rules are coming to harden the ” clean up” of third-party crypto payment platforms which include those used nu OTC platforms.
Earlier this year, a fresh crackdown from Beijing had seen fringe trading platforms including peer-to-peer (P2P) and OTC resources prohibited adding to a blanket embargo on crypto-to-fiat trading and ICOs in place since September 2017.
