On May 24th, the Cyberspace Administration of China released a notice that rectified a batch of online financial information accounts and websites. Most relevant to our Web3 industry is that a group of accounts promoting virtual currency trading were "closed in accordance with law and agreement".
Those specifically named in this notice include Weibo accounts "Fire Guy Talks Crypto", "Finance-Xu Yanwen", "Arne-Discussing Coins", Zhihu account "Post-00s Wealthy Generation" and others, which were officially determined to have guided users to participate in virtual currency trading through methods like sharing profit screenshots and group chat messages.
The notice also mentioned overseas cryptocurrency trading platforms like PKEX, WEEX, and HTX - platforms that themselves do not have legal qualifications to operate publicly in mainland China. Some Chinese websites and content accounts were still providing App download redirects or promotional services for these platforms, and were therefore included in this rectification.
Previously, people might have focused more on whether exchanges and project parties were directly promoting or operating towards mainland users. This time, the handling targets the content accounts and community operation chain, which indeed sounds an alarm for Web3 content creators.
From the lawyer's perspective, those doing similar things in the Web3 industry are far more numerous than those listed in the notice.
2. Have you embedded foreign cryptocurrency exchange registration links, invitation codes, or landing page redirects in your articles or communities;
3. Do you have an actual cooperative relationship with the platform involving commission, conversion settlement, or promotional cooperation, and have you directly or indirectly facilitated user registration, deposit, or trading;
These issues are important criteria for defining participant roles in judicial practice, and we hope everyone pays close attention. Be clear about what can be said, how to say it, which links should be hidden, and which rhetoric should be stopped.
This industry needs freedom of expression, but as content creators, we may need to better understand the legal boundaries and scale.
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