Tag: Tencent

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Crypto News

Bitmain Bitcoin (BTC) Mining Equipment Producer Suspended from WeChat by Tencent

Chinese instant messaging application WeChat blocked a Bitmain account in which the company promoted the sale of Bitcoin (BTC) mining equipment. The information emerged online yesterday, September 10th, after some users noticed that the Bitmain channel in WeChat appeared as banned due to the WeChat terms and conditions.

“As a result of user complaints, the platform has reviewed and discovered that this account (Bitmain), without credentials or authorized licenses, has been publishing and distributing information from the relevant companies in which it participates,” said Tencent, the owner of WeChat.

They did not specify what kind of information Bitmain disclosed would have violated the WeChat’s rules, but everything indicates that it was something related to the promotion of Bitmain’s Antminer equipment.

The Bitmain account on WeChat suspended due to an allegedly Bitcoin (BTC) mining equipment promotion

Tencent, on the other hand, took that decision in line with its new terms and conditions and the guidelines released in August by the Chinese officials, which aim to block the posts related to cryptocurrency on Chinese instant messaging platforms. Since the measure came into force on August 21st, Tencent blocked more than 30 accounts owned by companies linked to cryptocurrencies.

According to the statement issued by the Chinese consortium for that date, these accounts were disseminating information on Initial Coin Offerings (ICOs) and cryptocurrencies market, in general, violating the recently-adopted rules, that additionally to the China’s regulations adopted in 2017 that forbid the promotion for crypto-related activities, including Bitcoin (BTC) mining.

This is a series of actions that are being taken in this Asian country, increasing the prohibitions against crypto companies and the cryptocurrencies market, to which other Chinese telecommunications companies are joining. Such is the case of AntFinancial, the subsidiary of Alibaba, which is now free to restrict or suspend transactions with cryptocurrencies if it considers that they involve suspicious operations.

At the time of writing, Bitmain Bitcoin (BTC) mining equipment manufacturer, which is currently preparing its Initial Public Offering (IPO), had not pronounced itself on the suspension of its WeChat account.

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Crypto News

China Increases Its Policies Regarding Cryptocurrency With Baidu, Tencent And Alibaba Blocking Crypto-Related Activities

Restrictions against cryptocurrency in China intensified today, August 27, after renowned technology companies such as Baidu, Tencent and Alibaba blocked forums related to cryptos and cryptocurrency exchanges. The measures come amidst a new escalation by the Chinese government, which is even trying to minimize the conversations of thousands of users about digital assets.

In the case of Baidu, China’s leading Internet search engine, the ban covers the cryptocurrency forums, according to information disseminated by local media. According to the report from other digital media, a person related to Baidu who did not want to be identified claimed that the measure was taken in “conformity with relevant laws, regulations, and policies.”

As for Tencent and Alibaba, which provide Internet and e-commerce services, respectively, they have reported that they will maintain monitoring to prevent their mobile payment services from being used for transactions involving cryptocurrencies.

On August 24th it was announced that AliPay would supervise the transactions with cryptos in China to restrict or suspend the operations suspected of being involved in the purchase and sale of cryptocurrencies.

China intensifies the cryptocurrency regulations

The decisions taken by the before-mentioned companies come in addition to the measures imposed by local authorities, such as the one announced last Thursday, in which events related to cryptos became banned in hotels and shopping malls in Beijing’s Chaoyang district.

Overall, it was also reported that some 124 foreign cryptocurrency exchange platforms operating across China would be banned to minimize the exchange of cryptos further.

The increase in official regulation began in September 2017, when China issued a measure in which the Central Bank banned the Initial Coin Offerings (ICOs) because “ICO projects are suspected of illegally raising funds and probably committing fraud.”

Since then, the official position was against cryptocurrencies and any mechanism related to digital assets. However, in the midst of this whole ecosystem landscape, China does welcome the potential of blockchain technology.

Categories
Crypto News

Tencent Banned WeChat Accounts Of Big Blockchain And Cryptocurrency Companies

The accounts of several companies related to blockchain technology and cryptocurrency in China have been banned from WeChat, the messaging application that belongs to the Chinese mobile and Internet company, Tencent.

According to information published in the local media, the accounts of companies that disseminate information related to this sector were permanently blocked in the application for allegedly releasing information regarding Initial Coin Offerings (ICOs) and cryptocurrencies market, in general.

WeChat banned the accounts of dozens of blockchain and cryptocurrency companies, including some big names

According to the press release issued by Tencent, the crypto- and blockchain-related accounts banned from WeChat were violating the “Interim Provisions on the Development of Public Information Services for Instant Messaging Tools.” The list includes Deepchain, Huobi News, Jinse, CoinDaily, Golden Finance, Firecoin Information, Cannon Rating, Coin World Express Service, Daily Currency Reading, TokenClub, and Wujie Block Chain, among others.

In this regard, the CoinDaily website, one of the affected companies, stated that they had more than 100,000 registered users on WeChat and that they were building and operating a community of 45 groups within the app. They claim that their accounts are market-driven, while they only provide qualified information.

Tencent company, WeChat devs, works closely with the Chinese government

The WeChat messaging application is one of the most popular in China and is considered the “Chinese WhatsApp.” Until now, it was one of the few tools that allowed Chinese citizens to participate in the cryptocurrency market and access news on this topic, given the ban on ICOs and related advertising in China.

However, its system facilitates the censorship of the contents published on its platform, since Tencent recognizes that it shares data on its users with the Chinese government and that it eliminates the content that the regime considers inappropriate. Last May, Tencent suspended the Xiai Xiexi, a new blockchain-based app that would allow WeChat users to store contractual agreements.

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