China’s well-nigh pop search engine, Baidu, has pulled all digital currency advertisements from its service, according to statements from OKCoin as well as Huobi, the ii largest bitcoin exchanges inwards China.
According to the South mainland People's Republic of China Morning Post, the Baidu ban was confirmed past times both exchanges, only Baidu as well as thus far has non released an official contestation on the controversial decision.
Following the conclusion past times the People’s Bank of mainland People's Republic of China to ban fiscal institutions from treatment bitcoin transactions inwards 2013, Baidu promptly stopped accepting the digital currency every bit payment, citing volatility risks to consumers.
However, the SE behemoth allowed advertisements of diverse option digital currencies as well as services, as well as the companionship withal has a stake inwards the SuperCharger Accelerator, which backed Hong Kong-based digital currency telephone commutation Gatecoin inwards Jan of this year.
Baidu’s drastic modify of catch has left many inwards the bitcoin community quite stunned. But Baidu’s actions on digital currency ads may non move without merit.
The highly-publicized Bitfinex hack at the offset of August - which ranks every bit the minute biggest heist inwards the digital currency space, alongside some $70 1000000 inwards bitcoin evaporating from customer accounts - has contributed to the perception of virtual currencies every bit existence unsafe. Influenza A virus subtype H5N1 perception Baidu’s marketing as well as world relations departments may direct keep deemed to move a cloth threat.
Additionally, Baidu’s corporate picture took a hitting inwards July, later an investigative study past times Beijing News revealed how illegal gambling operators were posing every bit legitimate corporate agents on Baidu to bypass filters as well as advertise their sites to the full general public.
The gambling scandal also pushed Beijing regulators to trial a listing of suggestions to Baidu on filtering potentially problematic advertisers. Baidu's drastic actions on digital currency ads may move a straight answer to pressures exerted past times the Chinese government.