The Chinese counterpart of Twitter, Sina Weibo, yesterday banned the accounts of several major cryptocurrency and DeFi influencers in the country, local sources reported. This may be a continuation of the anti-crypto stance of the Chinese state since 2013, and more in-depth in the final days with the state crackdown on crypto trading and mining.
Sina Weibo suspends crypto-related accounts
Sina Weibo, the Chinese alternative to Twitter, recently banned accounts with large amounts of cryptocurrency and decentralized finance (DeFi) related accounts from its platform. this was it announced Called “Woo Blockchain”, by local cryptocurrency journalist Colin Wu, using his Twitter account. According to the reporter, this could be a logical continuation of the latest action being taken by the Chinese government to ban trade and mining in its territory.
Wu says the suspension of these accounts could impact how Chinese traders do business from now on, in large part because of this. Wu tweeted on the subject, announcing:
The total number of fans of these people exceeds 5 million, and their influence on Chinese retail investors could not be less than that of Musk. Accounts blocked by the Chinese government are mainly recommending investing and trading crypto to retail investors.
Weibo, along with Wechat, is one of the most popular social networks in the country, and a large percentage of Chinese citizens use it to inform about daily news that is not typically featured in mainstream Chinese media. But, this alternative platform is also monitored and monitored by government censors.
While Sina Weibo has not made an official statement as to why these cryptocurrency-related accounts were banned, all accounts have one thing in common: their usernames contain “bitcoin” (比特币).
not the first time
As alarming as it may sound, this is not the first time Sina Weibo has taken such an action. Earlier this year, the social media platform also leveled allegations against the accounts of OKEx, Huobi and Binance. suspended them without warning. This could be the start of a set of actions directed at intensifying the attack on these activities at the legal level. woo on this Having said:
Chinese social media and media are managed by the Publicity Department. To crack down on bitcoin transactions, the official media is attacking collectively. Therefore, the current ban on social media accounts and crypto-related content remains in place.
Many major exchanges and other companies have preemptively As a precautionary measure ahead of possible action against cryptocurrency-related activity in the coming months or days, exit China markets.
What do you think about Weibo’s final actions on crypto accounts? Tell us in the comments section below.
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