Chinese platform Weibo suspends crypto influencer accounts
The Chinese journalist Colin Wu, operating under the Twitter handle @WuBlockchain, stated that several cryptocurrency accounts on Weibo had been blocked.
Social media and media are managed by the Propaganda Department
Weibo, or Sina Weibo, is a Chinese microblogging site, and one of the country’s biggest social media platforms. In March 2021, it recorded 230 million daily active users on average.Colin Wo explained that Chinese social media and media are managed by the Propaganda Department. As for cracking down on Bitcoin transactions, the official media are working together and because of that the current ban on social media accounts and content involving cryptocurrency is continuous. However, the Central Bank’s crackdown on exchanges, the security department’s crackdown on money laundering, and the energy bureau’s crackdown on mining have not yet been issued it is very unpredictable what will happen next.
Wu speculates that this move could be the latest China has made against the crypto space in recent weeks. On May 18, the country made an about-face in its accepting stance towards cryptocurrencies, deciding instead to ban Chinese financial institutions from participating in crypto services.
Not the first time Weibo takes down accounts from crypto influencers
Weibo has not stated why these accounts were targeted, despite the fact that certain other well-known Weibo accounts with hundreds of thousands of followers are still accessible. However, the majority of the suspended accounts today had phrases like"bitcoin," "btc," "blockchain" and "coin trader."This isn't the first time Weibo has taken down accounts belonging to cryptocurrency influencers or businesses. It previously restricted Huobi, OKEx, and Binance accounts, as well as those of Justin Sun, the founder of Tron, and Changpeng Zhao, the CEO of Binance.
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