Regulator cracks down on illegal online financial activities

A number of internet accounts have been recently punished for engaging in illegal financial activities, with improper information cleaned up, the Cyberspace Administration of China, the country's top internet regulator, announced on Wednesday.

As the capital market trading has become active in recent weeks, some online accounts were discovered to have illegally recommended stocks through livestreaming, short videos and social platforms such as Douyin, Kuaishou, WeChat and Sina Weibo to attract viewers, but in reality cheated the netizens out of money, according to the administration.

Some accounts were also found to have illegally posted information or even charged fees in the name of debt restructuring and debt optimization, which increased the burden on debtors, the administration said.

To purify the online environment and protect the property of people, cyberspace departments nationwide promptly punished the accounts and removed relevant illegal content, it added.

While pledging to continue the move, the administration also suggested internet users should enhance their risk awareness and do not believe in the information with low investment and high return, calling on them not to take part in illegal financial activities to prevent economic losses.