Tencent has issued a ban on over 1,000 WeChat accounts due to unidentified illegal financial activities. This took place following China's social media crackdown for platforms that spread information that impacted the country's economic stance.
WeChat Accounts Gets Banned by Tencent
According to the latest report by Bloomberg Law, several WeChat accounts accounting for a total number of 1,463 have faced a ban after committing illegal transactions on the platform.
Even the account of Chen Guo, the chief strategist of Essence Securities, was included in the recent ban. Tencent officially released further information about the incident last Thursday, Oct.14.
Not all accounts were subjected to the ban. Some were temporarily suspended through a seven-day restriction, while others faced a permanent suspension.
In line with China's aim to suppress platforms posting financial information, Tencent swiftly responded to the action of the country's watchdog.
Most commonly, this tackles those who post rumors and statements about money laundering, gambling, illegal fundraising, and other related activities. Particularly, those who spread information about cryptocurrency transactions could also be punished.
China's Cyberspace Watchdog Cleanses Contents About Finance
In a similar report by Bloomberg, the country's cybersecurity watchdog continues to be watchful on the financial contents that could interpret wrong impressions about China's economy.
Moreover, the organization looks forward to removing all information that could affect societal and economical development. This means that the Cyberspace Administration wants the public to have a sustainable environment for such discussion.
China has instructed several platforms to get rid of unnecessary information about the central bank, finance ministry, and even insurance regulations.
Besides Tencent, TikTok owner ByteDance is participating in the massive campaign of the government against malicious financial information. The said companies agreed to follow the imposed rules of the cybersecurity watchdog to regulate the flow of the financial contents on multiple platforms.
Recently, Microsoft confirmed that it would shut down the localized version of LinkedIn in China, according to The Verge.
Youth Mode Feature Sparks Quarrel Between China and WeChat
Back in August, the youth mode feature of Tencent's WeChat garnered the attention of China. The prosecutors from Beijing sued the tech giant after it allegedly broke child safety laws.
The mentioned feature contains a special tool for controlling the children's usage of the app. The mode works like a parenting tool for young users.
In March, China finalized the ban on the lite version of the apps, including WeChat, Alipay, and more. According to the authorities, these applications have been collecting excessive data from their users.
Moreover, they explained that the mini-apps are not required to be installed in the App store. That's why it would be much easier for them to obtain sensitive information from an account. This step would also push the users to give more data about them.
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Written by Joseph Henry
