Thursday, May 19, 2022

Sina Weibo Blocks Crypto-Related Accounts On Its Platform

Sina Weibo, a Chinese microblogging website, has blocked several accounts related to crypto and defi influencers in the country on June 06, reported Colin Wu, a local crypto-journalist.

As per the report, the latest move by the company is viewed as the continuation of China’s recent crackdown on crypto trading and mining in the country. 

Notably, the Chinese government has been practicing this anti-crypto move since 2013.

The Chinese reporter mentioned that the decision of banning the accounts of crypto and defi-related influencers could have a huge impact on Chinese traders. As from now, they would be looking for a new model to operate their business in the country.   

While tweeting on the matter, Wu declared, “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 are mainly recommending investment and trading crypto to retail investors.”

Besides WeChat, a huge percentage of the Chinese uses the Weibo application on a daily basis to remain informed about the latest news which the mainstream media of the country does not cover, usually. 

It is to be noted that the Weibo platform is being monitored by the Chinese government.

Presently, Sina Weibo has not released any official statement regarding the ban, however, one common thing in all the accounts was that they had Bitcoin in their user names.

This is not the first time, Sina Weibo took any action against the crypto-related activities on its platform. A few months ago, it was reported that the social media platform suspended China’s three major crypto exchange accounts including Okex, Huobi and Binance, without any warning.

The Chinese crypto-journalist has recently stated, “Chinese social media and media are managed by the Propaganda Department. As for cracking down on Bitcoin transactions, the official media are attacking collectively. Therefore, the current ban on social media accounts and content involving cryptocurrency is continuous.”

It has reported that after China banned the banks from offering their services to crypto-related activities, many popular exchanges and companies made their exit from the country, as a caution measure before any possible crackdown on them in the following days or months.

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