China’s cyberspace regulator is taking to task over rising cases of online financial scams and is seeking to collaborate with financial regulators to shut down a series of accounts and websites spreading false information about capital markets, promoting illegal stock recommendations, and fueling hype around cryptocurrency transactions.
The agency noted that some of the targeted accounts were also found to be disseminating content related to illicit or semi-illicit activities within the financial sector, the Cyberspace Administration of China said on Saturday.
It added that it would maintain its tough stance against such activities, urging internet users to remain vigilant against potential risks, and verify financial information carefully.
The Chinese government has cautioned the public against spreading or believing rumors, and urged people to steer clear of unlawful financial schemes to avoid potential losses or breaches of personal data.
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