Sina Weibo, the Chinese equivalent of Twitter, suspended the accounts of several major cryptocurrency and defi influencers in the country yesterday, according to reports from local sources. This could be a continuation of the anti-crypto stance that the Chinese state has been exercising since 2013 and in recent days with the state crackdown on crypto trading and mining.
Sina Weibo blocks crypto-related accounts
Sina Weibo, the Chinese replacement for Twitter, recently blocked the accounts of a large number of cryptocurrency and decentralized financial (defi) accounts from its platform. That was announced by Colin Wu, a local cryptocurrency journalist, through his Twitter account called “Wu Blockchain”. According to the reporter, this could be the logical continuation of the recent raid the Chinese government is orchestrating to ban trade and mining on its territory.
Wu explains that due to his large following, the suspension of these accounts may from now on affect the business of Chinese traders. Wu tweeted on the subject, stating:
The total number of fans of these people is more than 5 million, and their influence on Chinese retail investors may not be less than Musk. The accounts blocked by the Chinese government mainly recommend retail investors to invest and trade in crypto.
Weibo is one of the most popular social networks in the country alongside Wechat, and a large percentage of Chinese citizens use it on a daily basis to keep up to date with news that are not normally found in mainstream Chinese media. However, this alternative platform is also monitored and monitored by the state censorship.
Although Sina Weibo has not made an official statement as to why these cryptocurrency-related accounts have been banned, all accounts have one thing in common: they have “Bitcoin” (比特 币) in their username.
Not the first time
As alarming as this may seem, it is not the first time Sina Weibo has used such actions. Earlier this year, the social media platform also indicted the accounts of Okex, Huobi and Binance by banning them without warning. This could just be the beginning of a series of measures aimed at stepping up the attack on these activities at a legal level. On that, Wu specified:
The Chinese social media and media are managed by the Propaganda Department. When it comes to cracking down on Bitcoin transactions, the official media are attacking collectively. Hence, the current ban on social media accounts and content that includes cryptocurrencies is ongoing.
Several major exchanges and other companies have preemptively exited Chinese markets as a precaution against possible action against cryptocurrency-related activities in the months or days that follow.
What do you think of Weibo’s recent actions on crypto accounts? Let us know in the comments section below.
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