Chinese internet regulators said they have fined operators of three of the country’s biggest social-media platforms with the maximum fine allowable under a new cybersecurity law for hosting fake news, pornography and other forms of banned content.

The Cyberspace Administration of China didn’t disclose the amount of the fines handed down to the platforms, which are owned in whole or part by China’s three internet giants: Tencent Holdings Ltd., Baidu Inc. and Alibaba Group Holding Ltd.

The cybersecurity law says network operators can be fined up to 500,000 yuan ($75,000) and have operations suspended or business licenses canceled, for failing to stop the transmission of prohibited content.

Source:  Wall Street Journal