China intensifies the crackdown by banning crypto-related accounts on Weibo

As the crackdown continues in the country of China, Weibo is getting rid of crypto-related social media accounts this weekend as it intensifies the crackdown on bitcoin trading and mining in the country. Crypto-journalist, Colin Wu, announced the banning of crypto-related accounts from Sina Weibo. Sina Weibo is referred to as the “Chinese Twitter”, and it is one of China’s largest social media platforms. Blocking the social media accounts of big crypto companies and influencers will strengthen the anti-crypto stance.

Most of the accounts banned have “bitcoin” in their username, but Weibo has not released any statement regarding the banning of accounts by the platform last Saturday. In 2019, Weibo also banned some accounts, including those of Binance co-founder, Yi He, and famous cryptocurrency entrepreneur, Justin Sun, so it’s not the first time that China has blocked and banned crypto accounts.

Beijing has intensified the banning of crypto-related services and transactions, which made the BTC prices fall sharply today. Winston Ma, author of the book “The Digital War”, said laws regulating cryptocurrencies are likely in China, since the government forbids allowing “Chinese Elon Musks” to exist in the Chinese crypto market. He added: “The government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market,”

All the laws and rules regarding the use of cryptocurrencies have been published by the country’s authorities. The efforts might continue, as many crypto accounts have been blocked and denied by the Weibo platform, which has blocked accounts that violate Weibo rules and the laws of the authorities.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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