Crypto

Chinese social media giant Weibo reportedly bans crypto-related accounts

China’s crackdown on cryptocurrencies has reportedly spread to social media. Weibo, China’s Twitter-like microblogging service with over 530 million monthly active users, has reportedly suspended several popular Bitcoin- (BTC) and crypto-related content creators on the platform.

According to local reports, at least a dozen crypto influencers on Weibo were unable to use their accounts on Saturday. Weibo greeted other users who visited suspended accounts with a message saying the banned accounts violated Weibo guidelines and “relevant laws and regulations.”

A Weibo user nicknamed “Woman Dr. bitcoin Mini,” who saw her account was blocked on Saturday, called Weibo’s action a judgment day for crypto influencers.

Winston Ma, a New York University law school adjunct professor 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.”

The academic was alluding to Musk’s controversial influence over cryptocurrency markets on social media. 

Ma also expects China’s supreme court to soon publish a judicial interpretation that may link crypto mining and trading businesses with China’s body of criminal law, according to reports.

The government’s negative stance on crypto has echoed across all parts of the industry in China. After Beijing authorities started investigating crypto mining data centers’ energy consumption in April, Bitcoin mining became a risky operation in the country. Major miners have since announced that they will end their operations in the nation.

Last week, financial regulators in China’s Hainan province warned citizens about illegal fundraising campaigns that use digital currency or blockchain as promotion material, stating that illicit token issuance and financing activities are forbidden.

Gist Vile reached out to Weibo for comment and will update this article should it respond.