On May 24, the Cyberspace Administration of China issued a notice to rectify a number of online financial information accounts and websites. Among them, the most relevant thing to our Web3 industry is that a group of accounts promoting virtual currency transactions have been "closed in accordance with the law."

The names of the announcement included Weibo accounts "Huo Ge Chat Encryption", "Financial-Xu Yanwen", "Ahn-Andou Coin", Zhihu account "Post-00 Rich Generation", etc., and the official confirmed that they guided users to participate in virtual currency transactions by posting revenue screenshots, group chat information, etc.

At the same time, it also mentioned overseas cryptocurrency trading platforms such as PKEX, WEEX, and HTX. These platforms themselves do not have the legal qualifications to open their business to the public in mainland China, but there are still some Chinese websites and content numbers that provide them with app download jump or promotion services, so they were included in this rectification.

In the past, people may have paid more attention to whether the exchange and project parties have directly promoted or developed the business to mainland users. This time, they dealt with the link of account content and community operations, which has indeed sounded a wake-up call for content creators in the Web3 industry.

Judging from the situation that lawyer Honglin has come into contact with, there are actually far more than the accounts listed in the notice doing similar things in the Web3 industry.

Named knowledge sharing, but actually attract new users

Many friends who do content may not realize that they have touched the red line of policy on cryptocurrency regulation in mainland China.

The most typical operation routine is what we often see on Chinese social platforms:

First post a screenshot of account income, indicating how many times the currency has risen in the latest wave of market conditions; add a few sentences of "strategy review" or "on-chain fund analysis" in the middle, and then post a screenshot of the chat record, implying that someone in the group has followed up and has already gained the dividend; the final point is familiar words: "Scan the code to enter the group", "Add assistant VX", "There is information/internal reference in the group".

On the surface, it is knowledge sharing and market exchange, but the structure is a set of user conversion funnels.

Once you join the group, you will find that the group owner publishes some platform information, project analysis and "real-sale screenshots with orders" every day. Some people also use labels such as "institutional-level data", "VIP strategy group", and "community investment research group", saying that they are providing professional information services to users, but most of the groups are transforming around a certain platform. Going further, someone will post an invitation code, registration link, or jump to download the App.

This type of group looks like a community, but in fact it is a traffic monetization channel - and the group owner is the operator in the platform's rebate system. The more users trade, the more they get.

Lawyer Mankun has been exposed to several user complaint cases before, and the process is very similar: the user browsed a well-written content article, clicked into the community from the official account, and talked about projects, strategies, and watched simulation disk operations in the group.

I made a little profit in the first few times, so the user naturally relaxed his vigilance, but later he made frequent losses after large investments. I want to find someone to ask clearly, but the platform cannot communicate, and the group owner lost contact directly. The only thing I can find in the end is the original article.

Many of these "content entrepreneurship" accounts are actually outsourcing personnel of the platform's rebate system. Use content to attract traffic, use community to complete conversions, and use links to close. Although the chain is short, it is efficient and direct.

There are also some accounts that appear more "professional", saying that they focus on data analysis and trend judgment, and their tone is indeed restrained and they do not call orders nakedly. But if you click on their content, you will find that all of them are talking about the launch of new currencies for specific projects and specific platforms. At the end of the content, there is often a sentence: "This project is currently tradable on the XX platform", and this platform is mostly their rebate partner.

It seems subtle, but the essence of helping to bring goods and attract traffic has not changed.

From a regulatory perspective, this is no longer a question of freedom of content expression, but a specific act of "providing convenience for illegal financial activities abroad." As long as the user completes registration, recharge, and transactions through your path and the chain is closed, it can be characterized as "participation".

You say that you confiscate money, are not a platform employee, and do not operate user assets, but the role you assume in the entire conversion path is clear.

Previously, lawyer Mankun has been exposed to many cases, starting from user reports and rights protection. The police searched the platform, content, and community all the way, and finally found the content account itself. Once the link is established, legal liability will be lost.

Of course, lawyer Honglin didn’t say that the Web3 industry cannot do content. I have often seen some content accounts that really seriously talk about industry trends, technological breakthroughs, and regulatory policies. These contents are not only not illegal, but are helpful to the industry ecology.

But we have indeed seen too many industry KOLs, who regard "knowledge" and "high training" as the shell of traffic diversion, but in fact they are doing a business of "hooking up links and trading" and even helping the project party sell project quota privately.

I hope this article will make everyone understand that the regulatory focus is no longer on whether you say keywords such as "rise", "buy", and "stable profit but not lose money", but on the other hand, whether your account has built a complete traffic diversion behavior chain.

Advice of lawyer Mankun

So, if you are still doing content and training, lawyer Honglin recommends that you ask yourself the following questions carefully:

1. Is the content you posted essentially recommending a certain currency, a certain platform's currency or activity, even if it does not explicitly state "buy";

2. Are there any registered links, invitation codes or landing pages embedded in your article or community?

3. Is there any actual cooperative relationship between you and the platform for rebate, conversion settlement, and promotion cooperation, and whether it directly or indirectly promotes user registration, recharge, and transactions;

These issues are important basis for qualitative roles of participants in judicial practice, and I hope everyone will pay more attention. Everyone should know what to say, how to say, which links should be hidden, and which words should be stopped.

This industry needs freedom of expression, but as content creators, we may need to understand the boundaries and standards of the law.

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