China’s Anti-Bitcoin Crypto Banning Sees Baidu Join Alibaba And Tencent Per New Policies

According to local news outlet, South China Morning Post (SCMP), tech firm specializing in Internet-based services, Baidu has joined forces with Chinese investment firm, Tencent and e-commerce firm, Alibaba to establish “anti-crypto measures”.

Baidu, online platform that is typically dubbed as Asia’s google, has since shut down two crypto chat forums due to the lack of compliance with set rules and regulations. Tencent has also taken its own actions in limiting crypto participation by setting similar bans and monitoring peer to peer transactions taking place on its platform. Surprisingly, renowned, Alibaba was the one to get the bans started.

China has been working towards placing bans on cryptocurrencies and ICOs since 2017, but actions speak louder than words and 2018 is the country’s time of execution. They are banning its entirety by not only targeting ICOs, but also any related news and transactions made.

On Wednesday, August 22, messaging and social media platform, WeChat, created by Tencent, closed accounts belonging to crypto investors and businesses. Similarly, Bitcoin Exchange Guide reported that several crypto news related accounts were closed as well, including CoinDaily, Huobi News, Jinse and more. While the reasons as to why such a sudden ban was placed on said accounts remained very vague, the bans only seem to come into existence at fast rates.

For instance, on Saturday, August 25, People’s Bank of China has allegedly warned users taking part in Initial Coin Offerings (ICOs), noting that once caught, said individuals and firms will have to face the consequences.

Anyone using online payment platform, Alipay for exchanging Bitcoin will find their accounts closed without warning as well. According to Coin Telegraph, the firm will utilize search terms to see how often such topics are discussed and which accounts support such information.

By the looks of it, it seems like China will neither back down nor lift the cryptocurrency bans. Does this mean that China has officially backed out of the blockchain and cryptocurrency industry altogether?

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,236FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex Offers $400M Reward For Info on 120k BTC Stolen in 2016; Hackers Can Collect Too

On August 2, 2016, Bitfinex experienced one of the biggest crypto heists of all time, as hackers exploited the system, running off with approximately...

Crypto Trading Platform, 2gether, Unable To Refund $1.4M Hack; Offers Its Native Tokens

Spanish cryptocurrency trading app, 2gether announced on Sunday the platform faced a hack on July 31 on its investment coffers losing €1.183 million ($1.4...

Venture Fund to Invest Majority of $100 Million Raised Fund in DeFi Protocols

San Francisco-based venture fund Electric Capital has raised $100 million from university endowments and other non-profits and it will be using this to invest...

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to...

Ethereum 2.0 Final Testnet, Medalla, Rolls Out; Is A 2020 Launch Now In Sight?

The Ethereum 2.0 Phase 0 Medalla public testnet finally went live on August 4, 2020 at around 1AM GMT giving hope of a possible...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today