Following China’s restriction on cryptocurrency and ICOs rules on Sunday, Feb 4, coin currency advertisements are no longer available on Weibo, a social media site, and Baidu Chinese search engine.
According to reports by Sina, a Chinese news site, the Government of China plans will continue to revise regulations on both digital currency exchange platforms and Initial coin Offerings (ICO). In September 2017, China abolished the use of exchange platforms and the launch of ICOs. Following this move, most cryptocurrency related businesses moved from the mainland to Hong Kong.
Also, Sina reports that the Chinese government has strategies on stopping both local and domestic digital currency exchange platforms from trading in cryptocurrencies. Reports from South China Morning Post, a news site confirmed that there were no paid advertisements in both Weibo and Baidu after the search of crypto terms such as ICO, digital currency, and Bitcoin on the platform.
However, Baidu stopped the advertisement of virtual currency related searches way back in August 2016 and the day they allowed the ad of cryptocurrency is not confirmed. On the other hand, Weibo has alleviated all-digital currency advertising.
After the move on the ban of crypto advertisements, Facebook also banned adverts on both ICOs and digital currency on their platform after observing various Fintech companies that are operating illegally.
Following the decision made by Facebook on the abolishment of digital currency advertisements on their platform, users in Reddit, a discussion forum sighted various scams related to cryptocurrency on the site.