Hong Kong-based media have reported that leading Chinese search engines and social media platforms have stopped displaying sponsored posts and paid advertisements relating to cryptocurrencies. This is reported by South China Morning Post.
According to the report, keywords such as ‘bitcoin’, ‘cryptocurrency’, and ‘ICO’ appear to predominantly elicit journalistic content when searched on popular Chinese platforms Baidu and Weibo, whilst yielding an apparent absence of sponsored content. Weibo has confirmed that it does not presently allow advertising relating to cryptocurrencies, whilst Baidu is yet to comment on the matter.
The news comes as Facebook prohibited all advertisements for cryptocurrency and ICOs as part of an ongoing effort to improve the integrity and security of ads and to make it harder for scammers to profit from a presence on Facebook.
The policy specifically prohibits ads that promote those types of products and services that are frequently associated with misleading or deceptive practices.