China's internet watchdog says ByteDance, TikTok, Microsoft collected user data illegally

China’s internet watchdog on May 21 said that companies including ByteDance, Baidu, Kuaishou improperly collected data from its users. In a statement, China Cyberspace ministration also mentioned United States-based tech giant Microsoft and its two products Bing and LinkedIn. As country continues its clampdown, Chinese internet watchdog, according to South China Morning Post, ‘named and shamed’ nation’s some of most popular mobile applications including Chinese version of TikTok among a total of 105 apps. 

China’s Cyberspace ministration of China said se apps collected data illegally after receiving complaints from users. authorities reportedly said that apps violated several laws and h even infringed personal information through illegal access, over-collection and excessive information. notice, reportedly, was shared to a notice on its WeChat official account. Earlier in April, Chinese regulators h called on 13 online platforms to here to stricter regulations in ir financial divisions as a push to rein in China’s tech giants.

As per BBC report, Beijing has taken a hands-off approach to encourage tech giants to flourish but official scrutiny of ir platforms has led authorities to step up as y have branched into financial services. Last month, People’s Bank of China h said  in a statement, “Internet platforms have played an important role in improving efficiency of financial services and broening access of financial services to more people.”

China Bans Crypto Exchanges

In anor move to regulate financial exchanges in country, China on May 18 announced that country’s financial institutions and payment companies from providing any services related to cryptocurrency transactions and has even warned investors against speculative crypto tring. latest crackdown by Chinese officials, according to a Forbes report, is in light of market’s recent volatility. It also marks anor blow to nascent market reeling from one of its biggest sell-offs ever after booming institutional option helped to reach highs during COVID-19 pandemic. Under ban, Chinese financial institutions are not allowed from offering clients any service involving cryptocurrencies.

China’s three industry bodies said in a joint statement on Tuesday, “Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative tring of cryptocurrency has rebounded, seriously infringing on safety of people's property and disrupting normal economic and financial order.”

 "Judging from current judicial practice in my country, virtual currency transaction contracts are not protected by law,” it ded. 

IMAGE AP/Representative Image