Weibo Cracks Down Crypto Related Accounts as China Strengthens Its Anti Crypto Stance – Bitcoin News
China has cracked down on unauthorized cryptocurrency exchanges, the latest sign of its intentions to exert tighter control over crypto activity. State-owned media outlets have reported that the country’s two largest exchanges, OKCoin and Huobi, will be shut down.
China cracks down on cryptocurrency exchanges, shutting down trading apps and deleting social media accounts linked to crypto trading in a dramatic escalation of the country’s campaign against digital currency. Chinese regulators require all third-party services that conduct trades of virtual currency to know their customers, and also monitor messages sent between those customers. They say they are cracking down on criminal activities by the exchanges, including money laundering and fraud.
Online media Utopia (a.k.a. Weibo) is reportedly cracking down on crypto-related accounts as China continues to tighten its grip on the digital currency industry. Weibo, one of the largest platforms in China and the world, is reportedly pushing forward a policy that limits the number of posts that can be made in a single day by individual accounts.
Sina Weibo, the Chinese counterpart to Twitter, suspended the accounts of several key cryptocurrency and defiance influencers in the country yesterday, according to local sources. This could be a continuation of the anti-currency stance the Chinese state has taken since 2013, which has intensified in recent days due to a government crackdown on cryptocurrency trading and mining.
Sina Weibo suspends accounts related to crypto currencies
Sina Weibo, the Chinese replacement for Twitter, recently banned a large number of accounts related to cryptocurrencies and decentralized finance (Defi) from its platform. This information was reported by Colin Wu, a local crypto-currency journalist, via his Twitter account titled Wu Blockchain. According to the journalist, this could be a logical continuation of the Chinese government’s recent move to ban trade and mining on its territory. Wu argues that because of the large number of users, blocking these accounts could affect the way Chinese merchants do business now. Wu tweeted about the issue and said: They have a following of more than 5 million people and their influence on small Chinese investors could be as great as Mr Musk’s. Blocked accounts from the Chinese government recommend investing and trading in cryptocurrencies mostly to retail investors. Along with Wechat, Weibo is one of the most popular social networks in the country, and a large proportion of Chinese citizens use it daily to keep abreast of news not normally published in mainstream Chinese media. But even this alternative platform is controlled and monitored by state censors. Although Sina Weibo has not made an official statement about why these cryptocurrency-related accounts are being banned, they all have one thing in common: their usernames contain the word Bitcoin (比特币).
Not for the first time
As disturbing as it may seem, this is not the first time Sina Weibo has resorted to this kind of action. Earlier this year, the social media platform also blamed the Okex, Huobi and Binance accounts and suspended them without warning. This could be just the beginning of a series of measures to intensify the attack on these activities at the legal level. On this occasion, Wu said: China’s social media and media channels are managed by the propaganda department. As for the suppression of bitcoin transactions, the official media is leading a collective attack. Therefore, the current ban on social media accounts and content related to cryptocurrencies is permanent. Several major exchanges and other companies have pulled out of Chinese markets as a precaution, in anticipation of a possible crackdown on cryptocurrency activity in the coming months or days. What do you think of Weibo’s recent actions regarding crypto accounts? Tell us what you think in the comments section below.
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China, Colin Wu, restriction, crypto currency, exchange, influencer, col, mining, regulation, Sina Weibo, trade Photo credit: Shutterstock, Pixabay, Wiki CommonsWeibo, China’s most popular social media platform, has turned on its “crypto police” as the country tightens its grip on cryptocurrencies.. Read more about china cryptocurrency name and let us know what you think.
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