Bitcoin faces a 'washout' after $100bn Coinbase listing  - live updates 

Bitcoin faces a ‘washout’ after $100bn Coinbase listing  – live updates 


Tencent and Alibaba’s supermarket arm joined their fellow Chinese tech giants in vowing to eradicate monopolistic practices, as the country’s largest corporations rush to publicly align themselves with Beijing.

The WeChat operator, Alibaba’s Freshippo and ride-hailing giant Didi Chuxing were among 11 Chinese tech giants that issued pledges Thursday to obey antitrust laws, two days after Beijing gave companies a month to conduct internal reviews and comply with government guidelines.

Twenty-three companies have now issued vaguely worded statements promising everything from consumer rights protection to loosening controls over their platform, stopping short of outlining specific actions.

China’s government, worried about the growing influence of internet giants like Jack Ma’s Alibaba has in the span of a few months brought its giant technology sector to heel.

Beijing regulators torpedoed Ant’s $35bn initial public offering one month after Ma infamously attacked officials for being behind the times, launched an anti-monopoly probe into Alibaba in December, then finalised by March new rules intended to curb monopolistic practices across its entire internet landscape.

In landmark announcements over the past week, it slapped a record $2.8bn fine on Alibaba for abusing its market dominance, then ordered an overhaul of Ant Grouop.

On Tuesday, regulators summoned 34 of the country’s largest companies from Tencent to TikTok owner ByteDance, warning them “the red line of laws cannot be touched.”

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