Chinese smartphone manufacturer Xiaomi has pulled all ads promoting peer-to-peer (P2P) services from its smartphones. The move comes after the company received complaints that fraudulent and ill-moderated financial products were being promoted within its MIUI operating system.

Xiaomi received 429 complaints relating to related risky P2P lending platforms, involving a total of RMB 40 million. The company said the total included the total user funds involved and not the money that has been lost, according to local media.

Yesterday (July 24), Xiaomi users reported that the fraudulent ads were being shown in Xiaomi VIP System Tasks and Xiaomi Sports. The latter is built into Xiaomi’s MIUI operating system and allows users to collect rewards for completing specific tasks, such as downloading videos.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.