The Chinese social media Weibo reportedly started banning crypto-related accounts, marking another step in the government’s crackdown on crypto that spread to social media so let’s find out more in our latest cryptocurrency news today.
The Chinese social media Weibo has more than 530 million monthly active users, started banning several popular BTC and crypto-related content creators on the platform. As per the local reports, a dozen crypto influencers on Weibo were unable to use their accounts on Saturday night and Weibo greeted the users who visited suspended accounts with a message saying that it started banning accounts that violated Weibo guidelines and the laws and regulations.
One Weibo user nicknamed Woman Dr. Bitcoin mini, saw her account being blocked over the weekend and called Weibo’s action a judgment day for all crypto influencers. NYU law school professor and ex-China investment Corporation managing director Winston Ma said:
“The Chinese government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market.”
The academic alluded to Elon Musk’s controversial influence over the crypto markets on social media and Ma also expected to see China’s supreme court to publish an interpretation that will link crypto mining and trading businesses with China’s body of criminal law as per the reports. The government’s negative stance on crypto echoed across all of China and after the Beijing authorities started investigating mining data centers’ energy consumption back in April, BTC mining became quite a risky operation. Most major miners announced that they will end their operations in the country too.
Last week, the Financial regulators in China’s Hainan province warned its citizens about illegal fundraising campaigns that use digital currency or blockchain as promotional material and said that illicit token issuance and financing activities are prohibited.
As previously reported, Some Chinese companies purchased BTC and ETH ad others like Weibo stopped dealing with accounts of three of the biggest crypto exchanges Huobi, Okex, and Binance. China’s app explained the decision by outlining “abnormal practices” and breaching the security risks. It may not come as a surprise that the Chinese-based company has a hostile approach to crypto and has quite a negative crypto stance. This narrative received more confirmation today after the Global Times reported that the blogging platform Weibo blocked the accounts of multiple crypto trading exchanges.
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