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Chinese Tech Giant Tencent, Alibaba and Baidu are moving ahead with crypto crackdown

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Strengthening the moves of cryptocurrency clampdown of China, the tech-giant Baidu joins Alibaba and Tencent by taking up anti-crypto measures.

 

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According to SCMP, the search engine Baidu is shutting down a few of its popular crypto-related chat rooms informing users “in accordance with relevant laws, regulations, and policies.”

 

Concurrently, Tencent released a statement announcing the ban of cryptocurrency trading on its social media app WeChat, which have more than a billion users. The company is taking up measures by monitoring the daily transactions and blocking suspicious accounts when necessary.

 

Alipay, controlled by Ant Financial a subsidiary of Alibaba also said they are restricting or banning those accounts involved in cryptocurrency trading.

 

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These decisions are followed up in a series of crypto crack-down measures taken up by Chinese Government. Last September China banned all ICO’s and domestic exchanges. Moving ahead, Beijing’s central Chaoyang district issued a notice restricting the promotion of cryptocurrency in hotels, offices and shopping malls of the area.

 

A recent state media reported China is going to shut down 124 offshore crypto exchanges access to Chinese citizens.  

 

On August of this month, Central Bank of China along with the countries top financial regulators issued a joint statement warning the public of crypto-related scams along with highlighting some of the key features of such schemes.

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