Cryptocurrency in China hasn't been that great in the recent months. First, the People's Bank of China banned the use of ISOs, saying that a whopping 90% of them were fraudulent. Later on Bitcoin mining came under attack as the national government aimed to end the practice and transition miners into new occupations. Now cryptocurrency ads have disappeared completely.
People who search for terms like "bitcoin", "ICO, and "cyptocurrency" on Chinese social media will draw a blank. The South Morning China Post is reporting that searches for crypto subjects on Weibo, a social media site akin to Twitter, and Baidu, China's largest search engine, do not return any results. Weibo told SMCP that they no longerallow cryptocurrency ads at all.
The ban on cryptocurrency ads on Chinese social media follows a similar ban started by Facebook. Mark Zuckerberg and his company cliamed that they were combating unscrupulous players from advertising "financial products and services frequently associated with misleading or deceptive promational practices".
Sandy Liang, an operations manager at Bitkan, says the following about Facebook's crypto ban:
"We usually post ads on cryptocurrency or blockchain media. There are a lot of professional choices. Facebook is good for letting newbies know about us. But it’s only one channel. If we can’t use this one in the future, we can use others."
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