China continues its crackdown on cryptocurrency, with social media platform Weibo reportedly banning around 80 influential crypto accounts. Weibo’s management stated that these actions were taken to comply with domestic regulations aimed at discouraging speculation, trading, and promotion of digital currencies.
Reports indicate that the closed Weibo accounts belonged to crypto influencers with over 8 million followers each. Beijing appears determined to maintain its restrictions on risky crypto-related activities.
According to the Weibo Finance team, these accounts, which promoted cryptocurrency-focused initiatives, had violated regulatory guidelines in mainland China. They covered a range of topics, including digital marketing, internet security, telecommunications, and trade/finance.
Weibo confirmed that it will continue to address user complaints and investigate illicit digital currency trading to remain compliant with the law.
These account bans follow a nationwide crackdown on crypto-related activities initiated in August last year. The Cyberspace Administration of China (CAC) had ordered the removal of about 12,000 crypto-focused accounts from platforms like Weibo and popular search engine Baidu, along with 50,000 social media posts promoting digital currencies.
The CAC has previously stated its intentions to expand the crackdown on unlawful securities activities found on various websites, emphasizing strict adherence to regulations.
The closure of Weibo accounts focused on cryptocurrency is part of a broader effort to combat certain types of online information. Weibo also disclosed that it had dealt with over 140,000 accounts spreading misinformation.
While the Bitcoin and crypto industry has seen significant growth in the past 5-6 years, it has also been plagued by scams and fraudulent activities. Critics argue that cryptocurrencies have caused harm to consumers and have yet to deliver substantial value to the majority of users.
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