Weibo, the microblogging website of China, has again initiated the crypto ban. The analogue of Twitter restricted the accounts of crypto influencers and companies that were Weibo platform to promote digital assets.
Recently, the biggest social media platform has banned more than 10 accounts, which include the account of Justin Sun, the founder of Tron Foundation.
China Weibo has launched a new round of banned accounts. In addition to Justin Sun, more than 10 accounts involving cryptocurrencies with a total of millions of followers have been blocked. https://t.co/sR6pZCVKVn
— Wu Blockchain (@WuBlockchain) August 19, 2021
As per the report, this is the second time, since June 05, Weibo blocked the content, businesses and personalities related to cryptocurrency, on its platform.
Following Weibo’s ban, the Chinese search engine Baidu also stopped showing results for crypto exchanges- Binance, OKEx and Huobi.
According to the reports, many other social media platforms of China had also banned accounts, which promoted crypto-related content.
The social media platforms initiated this ban after China’s crackdown on crypto mining companies. At that time, the country stated that it took the decision because the proof-of-work protocol used by the cryptocurrencies, was causing major environmental issues.
Recently, a new rule has been imposed by the Chinese Government on tech giants and Internet platforms like Alibaba, Tencent etc.
On August 17, the State Administration for Market Regulation (SAMR) released the draft of the new rules that target unfair competition activities.
The draft reads, “Authorities in provinces now are entitled to prevent Internet companies from conducting inappropriate activities in cyberspace.”