China Removes Cryptocurrency Ads from Social Media

Chinese platforms Baidu and Weibo have stopped displaying sponsored posts and paid advertisements relating to cryptocurrencies
04 February 2018   739

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.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.