The Chinese equivalent of Twitter called Weibo blocked several promotional crypto accounts
China’s crypto crackdown has spread to China’s popular social media platform Weibo. Many accounts related to crypto advertising have been banned by the platform due to the latest call for a crypto crackdown from the central government.
China Weibo bans a large number of crypto accounts
The large-scale blocking of crypto accounts on Weibo is arguably the harshest in the social media giant’s history.
It includes China’s most famous DeFi leaders 超级君 and many famous traders such as 小侠.
— Wu Blockchain (@WuBlockchain) June 5, 2021
Beijing’s call for a strict ban on cryptocurrency trading and mining has been going on for the past few weeks. First, some crypto derivatives exchanges have suspended all Chinese trading accounts that were registered with Chinese phone numbers. Subsequently, the popular Bitcoin mining hub of Inner Mongolia passed new regulations to ban all types of cryptocurrency mining in the region.
Later, industry insiders revealed that the crackdown may not be as harsh as it may seem from the outside, since Chinese users were later advised that they may indulge in crypto trading but at their own risk, and it is not protected under the law.
Apart from Inner Mongolia, other prominent Bitcoin mining regions including Sichuan decided against any immediate ban on miners but notified that they must start looking for alternate locations from next season.
Bitcoin price fell below $36,000 in a short period of time as soon as news of the purge on Chinese social media surfaced. However, the price bounced back right away and is currently trading at $36,457 with a 0.7% drop over the past 24 hours.
It was later revealed that the crypto purge on Weibo is limited to advertising accounts that are often involved in promoting various schemes of different exchanges. As other crypto-related social media accounts are still unaffected.
China’s crackdown on miners is also linked to Beijing’s push for carbon neutrality rather than an outright ban on Bitcoin mining in the country.
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