Baidu currently links forex keywords to a disclaimer directing users to find legal alternatives to leveraged FX trading.
Forex brokers operating in China are continuing to face new headwinds (although this one is an old one too). Chinese authorities have once again focused on leveraged forex trading, directing the attention of the country’s search engine giant Baidu towards the industry.
For several months brokers have been cutting their exposure to the search engine’s ad service due to worries about the government’s crackdown on OTC forex trading. Despite the warning signs, many firms have been continuing to buy keywords from Baidu.
[gptAdvertisement]
Several weeks ago Baidu began showing to its users a disclaimer warning about forex trading. The text was urging consumers to trade leveraged forex through a “proper channel”. The changes must have been mandated by the Chinese government which has recently stepped up its efforts to cut transfers to retail brokers that are operating from overseas.
In a letter from China Search (Baidu HK), clients of the company have been informed that existing campaigns related to forex will be suspended from midnight tonight. The document also warns about websites that are related to foreign exchange transactions. The document appears to be referring to intermediary services provided by brokers, trading service providers, and firms outside of the country that are offering access to trading financial derivatives.
A Widely Reaching Search Ban?
The actions taken by Baidu are not something new. The Chinese search engine giant has stepped on the brakes when it comes to forex advertisement in the past on several occasions. The difference this time is the ban’s timing, which comes only weeks after an official warning from the National Internet Finance Association of China in November.
Commenting to Finance Magnates, the CEO of APAC Management Consultancy, Eugenio Accongiagioco, said: “Over the last few months, many of our clients have gradually reduced their investment in Baidu PPC campaigns. Last week, we noticed that Baidu would show a warning when someone would search for FX related keywords.”
Qian Bao, TenPay and Alipay Fined for Facilitating Payments
Another aspect of the industry which has been the focus of Chinese authorities are payment providers. Located as intermediaries between the brokers and their clients, several firms from the industry were fined by Chinese authorities.
Chongqing Qibao Technology Services, Alipay and TenPay have all been awarded fines for cross-border payments. The Chinese state runs a closely monitored foreign exchange regime that enforces capital controls on the transfer of money outside of the country.
The payment processors have been accused of ignoring their responsibility of collecting information about the counterparts to the transactions. They received strongly-worded warnings about KYC procedures and fines reaching $100,000.
Short and Long-Term Repercussions
The changes mandated by Chinese authorities and distributed by Chinese search engines are most likely to reinforce the need for introducing brokers on the local market. While some brokers have been actively attempting to advertise in the area, the main channel for on-boarding clients in China remains IBs.
The offering of Cryptocurrencies could have played a role in the recent refocusing of Chinese authorities on the forex brokerage industry. Firms that have been actively promoting crypto-offerings in recent months might have come under the radar of Chinese regulators that are seeking to limit the exposure of Chinese residents to the Bitcoin bonanza.
The latest actions on the part of the Chinese state have left only miners as the active players in the cryptocurrency market, and many industry insiders fear that this might not be for long either.
Forex brokers operating in China are continuing to face new headwinds (although this one is an old one too). Chinese authorities have once again focused on leveraged forex trading, directing the attention of the country’s search engine giant Baidu towards the industry.
For several months brokers have been cutting their exposure to the search engine’s ad service due to worries about the government’s crackdown on OTC forex trading. Despite the warning signs, many firms have been continuing to buy keywords from Baidu.
[gptAdvertisement]
Several weeks ago Baidu began showing to its users a disclaimer warning about forex trading. The text was urging consumers to trade leveraged forex through a “proper channel”. The changes must have been mandated by the Chinese government which has recently stepped up its efforts to cut transfers to retail brokers that are operating from overseas.
In a letter from China Search (Baidu HK), clients of the company have been informed that existing campaigns related to forex will be suspended from midnight tonight. The document also warns about websites that are related to foreign exchange transactions. The document appears to be referring to intermediary services provided by brokers, trading service providers, and firms outside of the country that are offering access to trading financial derivatives.
A Widely Reaching Search Ban?
The actions taken by Baidu are not something new. The Chinese search engine giant has stepped on the brakes when it comes to forex advertisement in the past on several occasions. The difference this time is the ban’s timing, which comes only weeks after an official warning from the National Internet Finance Association of China in November.
Commenting to Finance Magnates, the CEO of APAC Management Consultancy, Eugenio Accongiagioco, said: “Over the last few months, many of our clients have gradually reduced their investment in Baidu PPC campaigns. Last week, we noticed that Baidu would show a warning when someone would search for FX related keywords.”
Qian Bao, TenPay and Alipay Fined for Facilitating Payments
Another aspect of the industry which has been the focus of Chinese authorities are payment providers. Located as intermediaries between the brokers and their clients, several firms from the industry were fined by Chinese authorities.
Chongqing Qibao Technology Services, Alipay and TenPay have all been awarded fines for cross-border payments. The Chinese state runs a closely monitored foreign exchange regime that enforces capital controls on the transfer of money outside of the country.
The payment processors have been accused of ignoring their responsibility of collecting information about the counterparts to the transactions. They received strongly-worded warnings about KYC procedures and fines reaching $100,000.
Short and Long-Term Repercussions
The changes mandated by Chinese authorities and distributed by Chinese search engines are most likely to reinforce the need for introducing brokers on the local market. While some brokers have been actively attempting to advertise in the area, the main channel for on-boarding clients in China remains IBs.
The offering of Cryptocurrencies could have played a role in the recent refocusing of Chinese authorities on the forex brokerage industry. Firms that have been actively promoting crypto-offerings in recent months might have come under the radar of Chinese regulators that are seeking to limit the exposure of Chinese residents to the Bitcoin bonanza.
The latest actions on the part of the Chinese state have left only miners as the active players in the cryptocurrency market, and many industry insiders fear that this might not be for long either.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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