Chinese Weibo Throws Out 80 Top Crypto Influencers

The 80 well-known crypto influencers in China are witnessing the removal of their channels from China’s top social media applications. This takes place as Beijing is tightening its control over the operations dealing with cryptocurrency. The Weibo accounts had reportedly infringed eight Chinese regulations that cover fields like finance, telecommunications, internet safety, trade, and marketing.

Weibo of China Prohibits Eighty Well-Known Crypto Influencers

Weibo Finance disclosed this on Tuesday in a statement. The Beijing-based platform stated that it would keep on getting complaints from consumers. It added that the platform will additionally launch investigations concerning the illegal trading of virtual currency, in line with laws. The suspensions of the accounts are witnessed after a countrywide crackdown dealing with crypto speculation.

It occurred back in 2022’s August. Back then, the Cyberspace Administration of China directed the elimination of 12,000 crypto-focused accounts related to websites such as Weibo. The other such websites take into account the search engine named Baido. In addition to this, the other accounts deal with 51,000 posts on social media to promote virtual assets.

The Targeted Accounts Allegedly Infringed Chinese Regulations

At that time, the CAC asserted to keep on fortifying its crackdown against illegitimate securities operations on the respective platforms. In addition to this, it also assured to stringently maintain the related rules. The exclusive closure of the Weibo accounts related to crypto is included in a broader purgation concerning online information. As per reports, above 140,000 accounts are engaged in disseminating harmful or false information.

Also Read: FSB and IMF Paper Warns Against Ineffective Crypto Bans

Firstly, in 2019, crypto-focused influencers reported a huge increase in clampdowns aimed at their accounts on social media. That was the time when the authorities started gripping the market of digital assets. Weibo prohibited the well-known personnel’s accounts, taking into account Justin Sun (a prominent crypto entrepreneur) and Yi He (the co-founder of Binance).