Baidu to to Ban Crypto Discussions on Its Forum

At the moment, the "digital currency" and "virtual currency" sub-forums are unavailable
27 August 2018   798

The Chinese search giant Baidu, following Tencent, decided to distance itself from the crypto-currency topic by starting to censor and ban topics about the cryptocurrencies on the Baidu Tieba platform. This is reported by the China Times.

Currently, the company has toughened its scrutiny over digital currency and will not allow sub-forums under this theme, based on relevant rules and regulations.

China Times' Source

Currently, the sub-forums "Digital currencies" and "Virtual currencies" are not available, and attempts to search for these keywords lead to the message "This forum is temporarily closed due to non-compliance with existing regulations."

He also noted that these sub-forums were blocked due to the dissemination of information on ICO and speculation by cryptocurrencies.

It is noteworthy that many other sub-forums about cryptocurrencies such as Bitcoin, Ethereum and others remain available.

The Baidu Tieba platform was launched in 2003 and, according to the company, at the moment its monthly audience reaches 300 million active users.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   6

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.