Cryptocurrency News

Chinese social media giant Weibo reportedly bans crypto-related accounts

China’s crackdown on cryptocurrencies has reportedly spread on social media. China’s Twitter-like microblogging service Weibo, with more than 530 million monthly active users, has reportedly suspended several popular bitcoiners.B T c) and creators of crypto-related content on the platform.

At least a dozen cryptocurrency influencers on Weibo were unable to access their accounts on Saturday night, according to local reports. Weibo congratulated Other users who visited the suspended accounts came with a message saying that the banned accounts violated Weibo guidelines and “relevant laws and regulations.”

A Weibo user named Woman Dr. Bitcoin Mini, who noticed her account being blocked on Saturday, called Weibo’s action a Judgment Day crypto influencer.

Winston Ma, assistant professor at NYU Law School and former China Investment Corporation managing director said“The Chinese government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market.”

Academics Elon Musk Was Pointing To controversial effect On the cryptocurrency markets on social media.

According to reports, Ma expects the Supreme Court of China to publish a judicial interpretation soon that may link crypto mining and trading businesses with China’s criminal law.

The government’s negative stance on crypto has resonated in all segments of the industry in China. After Beijing officials launched an investigation Energy consumption of crypto mining data centers In April, bitcoin mining became a risky operation in the country. Major miners have since announced that they will end their operations in the country.

Last week, financial regulators in China’s Hainan province Warns citizens about illegal fundraising campaigns Those that use digital currency or blockchain as promotional material, stating that illegal token issuance and financial activities are prohibited.

Cointelegraph contacted Weibo for comment and will update this article if they respond.