China: Issued sanctions following Cyberspace Administration investigation into illegal financial activities on platforms
Description
Issued sanctions following Cyberspace Administration investigation into illegal financial activities on platforms
On 11 December 2024, the Cyberspace Administration of China (CAC) issued findings following an investigation into online financial misinformation and illegal activities on platforms including Douyin, Kuaishou, Weibo, and WeChat. Targeted activities included predatory lending practices and fraudulent investment guidance. The CAC required the suspension and issued penalties to websites and accounts engaging in these practices. The CAC noted that loan assistance platforms are required to regulate marketing information and disclose risks.
Original sourceScope
Policy Area
Consumer protection
Policy Instrument
Fair marketing and advertising practice requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), platform intermediary: user-generated content, platform intermediary: e-commerce
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body