Top cybersecurity agency shuts down more than a dozen social media accounts amid growing concerns over finance influencers
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China’s top cybersecurity watchdog, in coordination with financial regulators, has shut down over a dozen social media accounts for spreading false financial information, illegally touting stocks, and promoting speculative cryptocurrency trading, according to authorities.
The Cyberspace Administration of China (CAC) said on Saturday that the accounts had operated on China’s most popular social media platforms, including Weibo, Douyin, RedNote, and WeChat.
The CAC said some accounts had spread false or misleading information about the capital markets, while others had lured investors into paid groups with provocative claims, illegally touting certain stocks as guaranteed wins.
Some accounts also encouraged cryptocurrency trading or incited consumers to take illegal actions such as resisting debt collection or using unlawful tactics to claim full insurance refunds, according to the CAC notice.
The crackdown comes amid growing concern over so-called financial influencers, many of whom use sensationalist headlines and questionable claims to attract followers. Authorities say these accounts mislead investors and disrupt the market.
“The public should invest wisely, stay alert to risks, avoid spreading rumours, and steer clear of illegal financial activities,” the CAC said, vowing it would...
Top cybersecurity agency shuts down more than a dozen social media accounts amid growing concerns over finance influencers Reading Time:2 minutes Why you can trust SCMP Listen Alice Li China’s top ...